SPC CU’s First Down Payment Assistance

Thanks to a new Down Payment Assistance Program offered by SPC Credit Union’s SPC Cares Foundation, Julia W. and her mother, both seven-year renters of a residence in Effingham, are now proud homeowners.

SPC’s Down Payment Assistance program was approved by the credit union’s board in late 2024 as a means by which to provide a financial springboard for prospective homeowners to be able to afford a home by overcoming the hurdle of a hefty down payment. Zero-percent interest forgivable Down Payment Assistance loans are available for first-time homebuyers–defined as anyone who has never owned a home OR has not owned a home in the past 3 years– as a bridge to home ownership. Qualified applicants may receive up to $5,000 for down payment and/or closing costs.

Upon the program’s approval, SPC’s Mortgage Lending Team was eager to find a mortgage applicant who met the program’s qualifications, which stipulate that the applicant must be a first-time homebuyer, must have a credit score greater than or equal to 620, must complete a Fannie Mae Home Ownership online course and earn an accompanying certificate, must be at or below 100% of the Area Median Income (AMI), must have $2,000 of personal funds available for the down payment or closing costs, and must have completed and approved a mortgage loan application with SPC Credit Union.

To read the full press release, click here.