Tuesday, May 30, 2006

Ent ranks near top in new type of mortgage

Ent Federal Credit Union ranks among the top credit unions in the nation in offering a new type of mortgage for low-income buyers called "Home Loan Payment Relief" loans, says the industry trade group Credit Union National Association.

Ent has made 16 of the loans for $2.21 million in the first six months of the program, ranking it fourth in the number of loans made and 10th in the total amount loaned as of April 30. Three other Colorado credit unions, all based in the Denver area, also are participating in the program.
The loans are deisgned to help low-income borrowers buy their first homes. The mortgages are restricted to borrowers earning less than the median household income in an area, which is $63,550 in El Paso County.

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