Jump to main content

Monday Messages

Promoting Smart Credit for Members Through Education and Financial Products

 

Home prices around the US have seen rapid increases since 2019. Property values are at their highest since 2005, increasing more than 13% from March 2020 to March 2021. Those prices aren’t only in hot markets — valuations are rising from coast to coast.

But housing prices are not influencing all sectors of the homebuying market equally.

First-time homebuyers with poor credit may feel they’re out of luck when trying to purchase a home. WyHy Federal Credit Union helps would-be Wyoming homebuyers navigate that complex process, regardless of their financial standing. The federal credit union also plans to launch a traditional first mortgage product focused on Fannie Mae and Freddie Mac mortgages before moving on to VA and other mortgage types.

“We want to be good at one type first and start to grow the department. A lot of the counseling is going to come in, too,” said George Sellitto, Chief Lending Officer at WyHy.

The federal credit union also aims to help members with low credit scores understand the inherent responsibilities of taking on a mortgage. Loan officers explain how the mortgage process works, as the type of loan requires homeowners to have the necessary down payment. Borrowers also need to have the resources to make their monthly payments while keeping up with other financial obligations.

“We anticipate becoming involved in the education process. It fills a gap in the state of Wyoming. Very few credit unions have robust mortgage programs in this state,” Sellitto said.

Read the rest of the article here.