Home Loan Payment Relief (HPLR) Mortgage Loans

The HPLR mortgage program, available through your credit union, is just one more of the many ways your credit union is serving its members. HPLR stands for Home Loan Payment Relief, and is referred to as the Helper Loan program. Once you understand what it actually offers, youll see why the name is appropriate. The HPLR program is specifically for those first-time home buyers who are buying a residence they will live in themselves. HLPR loans can be used on single family homes, duplexes, condos, or even co-op properties. These loans are available to families whose median income is less than the median income in the geographic area in which they are buying a home. And sometimes, that limit is extended to a higher level in areas where its known to be much more expensive to live.

All the details of this program are available by accessing the link at http://www.cuna.org/initiatives/hlpr/hlpr_borrower.html. There is an extensive amount of information on the program at that site as well as a message from Dan Mica, Credit Union National Associations president. (CUNA is Credit Union National Association). To quote Mr. Mica, Owning your own home is part of the American dream, and for too many low and moderate income families, its becoming increasingly hard to reach. The gap between the incomes of average families and the affordability of a first home is a problem. Credit unions believe the HLPR mortgage is an innovative solution that will narrow the gap.

As usual, credits unions are living up to their stated purposes in offering these loans. They are aware that many first time home buyers would be priced out of the market today with out a program like HLPR. Using this program, first time home buyers can expect to realize savings of $1000-$2000 a year on their mortgage payments. Larger loans may be offered under a HLPR program than with conventional financing, too. That is, lenders may be willing to lend a larger percentage of the homes value under the HLPR program.

HLPR loans are three-year adjustable rate mortgages. Generally, first time home buyers are people who will find their incomes also going up slowly over time. Further, the initial down payment buyers must make on a HLPR mortgage is only 3%---a far more manageable sum than the 10-20% required to obtain more traditional financing. Even better, the loan can go up only one percentage point a year, and is capped at only a 5% increase for the life of the loan.

First time home buyers are, by definition, new at understanding how home financing works. There are any number of mortgage programs in the marketplace which are far less advantageous to the novice home owner than the HLPR program. Some of these loans may increase far more quickly, or have far less favorable interest rate caps over the life of the loan. Sometimes mortgage lenders tempt first-time home buyers with interest only loans. Imagine the surprise and shock of some of these buyers when they realize they have not been paying down on the principle of the loan, and have been paying literally ONLY the interest owed on the money borrowed. Sure, the payments are lower, but you are not actually gaining any equity position over and above home appreciation.

This may seem like one of those too good to be true financial fairy-tales you may hear about from time to time. But it actually is as good as it sounds, and it is true. Credit Unions are committed to help this segment of their membership become home owners. Its actually that simple. Think about it this way: if you, the consumer, find yourself with an excellent mortgage loan in a home you love, where will you go when its time to finance an automobile purchase or a new roof on that home? Its likely you will come back to your Credit Union. And thats the best place for you to be.

This and many other articles about your personal finances can be found at http://www.usacreditunions.com Use our How to Find a Credit Union page to - Find, and Join one.

A Bad Credit Home Mortgage Loan Is Possible!
Having a previous history of bad credit does not automatically mean you will be denied finance for a bad credit home mortgage...

Mortgage Loans After Bankruptcy
Many people believe that once they file for bankruptcy they will have a difficult time getting a mortgage loan. However, ther...

Florida Construction Mortgage Loans
Building your own home can be the most exhilarating and accomplished feeling but it can also be a big pain in the neck. Ongo...

Second Mortgage Loans After Bankruptcy
The purpose of bankruptcy is to give the debtor a new start in his life by repaying creditors in a systematic way. Thus, bank...

Low Income Mortgage Loans - Tips To Getting Approved
Low income mortgage loans are available to individuals that are looking for a good loan that is ideal for their income situat...

When Is A Second Mortgage Loan A Good Idea?
A second mortgage loan is a loan taken after the first mortgage, with the property used in the first mortgage as collateral. ...

What is Hybrid Mortgages/Loans?
Over the last several years consumers have started to request alternative financing to a traditional mortgage from lending co...

No Money Down Mortgage Loans - Ways To Get Approved For a Home Loan Online With Zero Down
No money down mortgage loans enabled more people to own their own home. The following ways will help you get approved for a h...

How Option One Mortgage Loans Work
In a regular mortgage, the borrower pays a specific amount each month in order to pay the mortgage off in full by the end of ...

California Mortgage Loans
California mortgage loans help home buyers and home owners residing in California raise cash for their personal, business or ...

Choosing The Best Mortgage Loan
Buying a home will be one of the biggest decisions you will ever make. That is why you have to be careful while choosing a mo...

No Down Payment Poor Credit Mortgage Loans - No Money Down Loan Information
Finding a no money down mortgage loan is actually easier for someone with poor credit. Subprime lenders are more willing si...

Mortgage Refinancing The 50 Year Mortgage Loan
If you are in need of the lowest monthly payment possible for your mortgage, 50 year mortgage loans are an attractive alterna...

Subprime Mortgage Lenders - Helpful Tips When Getting a Subprime Mortgage Loan
If you have bad credit history, no down payment or difficult to prove income and are looking to get approved for a home mortg...

Important Mortgage And Home Loan Terms That You Need To Understand
For most people the mortgage industry seems to speak a foreign language, with terms and acronyms that are vague and unfamilia...

Refinance Mortgage Loan
When you want to refinance a mortgage loan, consider a home equity loan. The rate for refinancing a mortgage is usually lower...

Difficulties Doing a Home Equity Loan Behind a Negative Amortization Mortgage (Payment Option Loans)
If you need a home equity loan to refinance debt and currently have a negative amortization loan as your first mortgage, you ...

Mortgage Loans Are Probably The Biggest Loans That Most People Will Ever Take In Their Lives
Mortgage loans are probably the biggest loans that most people will ever take in their lives. These loans are use to finance...

Looking at Both Sides of the Negative Amortization Mortgage Loans
What are Negative Amortization Loans?Negative amortization mortgages have payment options that allow reduced monthly payments...

The Secret to Finding the Best Mortgage Loan
As you apply for a home loan or look to refinance your home, it is important to understand your situation and how it will be ...