Amalgamated Bank of Chicago is teaming with the Illinois Housing Development Authority, as well as a mortgage processing and underwriting company and a mortgage insurance company, to provide union members in that state with low-cost home loans. The program represents the first time the housing authority has teamed with a bank to promote homeownership to union members. Participants can get mortgages at interest rates typically a quarter to a half percentage point lower than current market rates. The program offers relaxed underwriting guidelines and grants to qualified homeowners who need money for down payments and closing costs.
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