October 20, 2017 - Addison, Texas
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CU Members Mortgage
, a division of Colonial Savings F.A., expanded its mortgage product line to include the Fannie Mae renovation loan called HomeStyle® to assist those affected by Hurricane Harvey in the state of Texas.
CU Members Mortgage will start to offer the loan in Texas to help Hurricane victims and will grow the program. The HomeStyle® product provides a convenient and economical way for members to make repairs and improvements and because of its single close features and great rates, it's particularly beneficial for those who were impacted by the Hurricane.
Special features of the loan allow members to borrow up to 95% LTV based on an "as completed" value and improvements can make up to 50% of the appraised value. The value can include costs such as architect and design expenses, engineering and design updates, required inspections, and permit fees. Plus, functioning as a single close loan, funds for improvements are dispersed and only one set of closing costs are required.
When you compare this loan to a home equity line of credit, or other short term financing options, this 
type of loan provides a better rate for those needing to renovate during this tragic situation. "Ultimately, it's a better loan for renovating, and we want to make sure members have options," said David Motley, president of CU Members Mortgage.
"With thousands of homeowners affected by Hurricane Harvey and Irma, CU Members Mortgage stands ready to provide home renovation financing options so families can rebuild their homes and their lives," said Motley. "We have been a part of these communities for more than 30 years and are proud to continue serving them now and into the future."
CU Members Mortgage hasn't typically provided this type of loan product in the past as they are a higher risk loan for lenders to originate. However, those impacted by the Hurricane need this type of option and we want to best provide for these communities
About CU Members Mortgage
Founded in 1982 as a division of Colonial Savings, a federally chartered thrift, Dallas-based CU Members Mortgage provides comprehensive mortgage services to credit unions and CUSOs nationwide. CU Members Mortgage originates more than $1 billion in FHA, VA, and conventional loans each year. With a portfolio of $25 billion, Colonial is one of the largest servicers of mortgage loans in the United States. The company is privately held and has offices located nationwide. For more information, visit
www.cumembers.com
.
