Teachers Credit Union (TCU) watched with the rest of the world as medical professionals worked tirelessly to keep up with the increased work hours and the influx of patients impacted by COVID-19. Their workloads are still packed today as they continue to test and treat people who contract the virus. Other first responders such as police officers and firefighters have also experienced this overly packed workload due to the pandemic.
With all the compassion, time, and determination displayed by these public servants, TCU decided they wanted to give back to these local heroes. TCU recently established a new special loan program called Hometown Heroes, which is a mortgage program available exclusively to employees of medical organizations, fire departments, and law enforcement. Since there are so many people that keep these public services going, TCU wanted to make sure that Hometown Heroes was inclusive of all roles within these organizations.
“At TCU, we created Hometown Heroes as a way to say thank you to heroes in our communities,” said TCU Vice President of Mortgage Lending Ryan Woodruff. “There have been programs like this in the past that have been specifically for nurses, doctors or police officers, and we wanted to go beyond that to benefit others working in healthcare and public safety, from janitors to the administrative staff. There are a lot of unsung heroes within these organizations that we wanted to recognize.”
Woodruff mentioned that medical field employees have often worked overtime over the last 12 months, and while overtime can be taxing on the individuals working the long hours, many have put extra money in the bank. It is for that reason that Woodruff believes now is a great time for these individuals to consider purchasing a home with this bit of extra income, and TCU wants to help them do so.
According to Woodruff, through the Hometown Heroes program, TCU can help a qualifying individual get a mortgage at up to 100% loan-to-value, allowing them to buy a home with no down payment.
“There is some risk involved for TCU,” said Woodruff, “but the credit union has chosen to take that risk so we can give back and help our local heroes buy their dream home.”
“This program is a purely conventional loan, which means you have access to the best rates, you don’t pay any additional fees, and we essentially assume the risk for that extra 3-5% that you would normally put down,” Woodruff continued.
To learn more about Teachers Credit Union and Hometown Heroes, visit https://www.tcunet.com/.
