A Credit Union Loan Product for First Time Home Buyers
PROJECT: Name a new home loan for SchoolsFirst Federal Credit Union that helps members buy a first home who otherwise might not be able to.
ACCESS: A way or means of approaching or entering; an entrance; a passage. The act of approaching or entering; an advance. The right or ability of approaching or entering; admittance; admission; accessibility. The quality of being easy to approach or enter. To gain or obtain access to.
BRAND POSITIONING: Since its founding in 1934, SchoolsFirst Federal Credit Union has been singularly focused on one thing: providing World-Class Personal Service and financial security to California school employees and their families. SchoolsFirst had previously hired us to name their Home360 loan program, so we were thrilled when they returned to have us name this empowering home loan product for first time home buyers.
Here’s what SchoolsFirst says about this new loan offering:
Most people know that one of the biggest hurdles to buying a first home is saving up enough money for the down payment and having enough cash on hand for closing costs. Because many consumers buy homes without putting 20% down, lenders usually charge private mortgage insurance, or PMI, to protect them if borrowers default on their loans. Our SchoolsFirst FCU HomeAccess™ loan features competitive interest rates, a low down payment — as low as 3% — as well as closing costs and minimal PMI coverage that is lower than FHA loans, making it a smart solution for those want to get into their first home but don’t have a lot of savings on hand.
The name we created for this loan, HomeAccess, maps directly to the most important aspect of this loan: providing members access to empowering financial tools and assistance that makes home ownership more accessible to all. And for people who’ve never been able to buy a home before, finally getting such access to home ownership is a big deal.
VISIT: HomeAccess