Summit Credit Union loans full $700K allotment to homebuyers
Madison-based Summit Credit Union has provided its full 2023 allotment of $700,000 in grants from the Federal Home Loan Bank of Chicago to eligible homebuyers, supporting their down payments, closing costs, or prepaid expenses.
Each year the Federal Home Loan Bank of Chicago, a cooperative institution, provides Summit Credit Union and other participating financials with grant money for qualifying homebuyers. When purchasing a property, consumers qualify if their annual income is less than or equal to 80% of the Housing and Urban Development area’s median income. This varies across the state.
While only financial institutions may belong to a FHLBank, people everywhere benefit from them. Each year, the FHLBanks provide access to billions of dollars in low-cost funding to approximately 6,600 of America’s banks, credit unions, insurance companies, and community development financial institutions.