It continues to be a seller’s market and finding an affordable home in the rural Midwest remains a challenge for many. Rural $2000, a new program from Members Mortgages Services (MMS) is designed to help rural buyers by combining already low interest rates with an additional incentive – a $2,000 borrower credit applied to Mortgage Insurance. The Rural $2000 incentive is specially created for MMS affiliated Credit Unions with $300 million or less in assets. It is available through the end of the year. The credit can be applied to conventional, single-family residential loan purchases or refinances.
The Credit Union’s loan officer must confirm that the property is located in an eligible county and that the borrowers on the loan have an annual income less than the median income for that specific county.
In addition to helping rural customers, this incentive gives Credit Unions the opportunity to get in front of realtors with a product uniquely offered by a few lenders. “Realtors want to work with lenders who can help them build their business,” says Ron Kiuttu, MMS CFO. “The Rural $2,000 product helps make the consumer’s life easier and this makes the agent happy. If our Credit Unions can position this incentive with responsiveness, personalization and competitive rates, it can help build lasting realtor relationships.”
To learn more about the Rural $2,000 incentive or request marketing material assistance from MMS, please contact Ron Kiuttu at 866.441.4447, ext. 285.