RADCLIFF, Ky— Abound Credit Union is reporting it has had a “life-changing impact” on eight families as the result of $160,000 in “Welcome Home Grants” made by the credit union.
The grants have allowed the eight families to go from renters to homeowners, Abound CU said.
The grants, which are up to $20,000 each, provide closing cost and down payment assistance for eligible home buyers and are offered in partnership with the Federal Home Loan Bank of Cincinnati (FHLB), the CU said.
The $2.3-billion Abound Credit Union said its home loan officers worked closely with members to verify their eligibility and “help them take advantage of this amazing opportunity,” which is typically only available for a very limited time each year.
‘Incredibly Proud’
“We’re incredibly proud to help more Kentucky families become homeowners,” Ray Springsteen, president/CEO of Abound Credit Union, said in a statement. “Our experienced, local loan officers are here to help members achieve their goals, whether that means buying their first home, building one from scratch, acquiring land or purchasing investment property. Abound’s affordable home loans make it happen.”
The eight families who took advantage of a total of $160,000 in Welcome Home Grants this year included several “hard-working single parents with young children,” and members who would not have been able to purchase a home otherwise due to a lack of funds to put towards closing costs and a down payment, the credit union said.
One Member’s Story
Said one member in a statement, “After my divorce, a home right down the street from my parents came available. I have young children and need family close by for support but my debt-to-income ratio was too high to be approved – even at the financial institution where I work. Thanks to Abound’s help and the Welcome Home Grant, I was able to get my ratios down and buy the home of my dreams – close to my job and my parents.”