Providing Union Members with Mortgages

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.

Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 11, 11/05