Home Loan Payment Relief Mortgage (HLPR)

For borrowers with Household Income at or below HUD Area Median Income
HLPR opens the door for first-time buyers with low to moderate income levels to purchase one-unit residential homes. We make it affordable for borrowers to buy and stay in their homes by reducing both monthly payments and the down payment requirement. 
 
Please note that home buyer education is a requirement of this program. Please select a seminar date and location that's convenient to you. 
    

No Private Mortgage Insurance (PMI)
With no PMI the total monthly cost is lower.

Mortgage Product Options with Below Market Interest Rates
The 3/1 year adjustable rate mortgage (ARM), is priced at 1% below the National Rate (published by CUNA) for the initial period.

5/1 and 7/1 adjustable rate mortgages (ARM) will be priced 1/2% below St. Mary’s Bank’s published standard rates for the initial term making the mortgage payments more affordable.

Capped Interest Rate Adjustments
Rate caps of 1% per year and 5% for life of loan help keep the monthly mortgage payments low.

Low Down Payment Requirement of 3%
Borrowers can purchase a home with very little money down and a portion or all of the down payment can be in the form of gifts.

Closing Cost Credit
Borrowers may receive a credit of up to $1,000 on closing costs. Credit includes $300 towards the required Homebuyer’s Education Certification.