Imagine the need to save more than $80,000 for a deposit on your first home. With the median price of housing in and around Livermore, California at $844,000, that was the reality for most people looking to purchase a home in the California market. That changed this year when Sandia National Laboratories (SNL) Livermore reached out to SLFCU to see if anything could be done to help their employees purchase a home more easily.
When SLFCU’s Mortgage Lending group was first contacted by the SNL team, Diane Kapuranis, Vice President of Lending, Terri Cocain, Mortgage Center Manager, and Susan Rashad, Mortgage Lending Supervisor were intent on finding a solution and began to work with a team of SNL employees. According to the lending team, SNL/SLFCU members David Manison, Linda Beher, Bryn Stuart, Kelsey Tresemer, and Nerayo Teclemariam were instrumental in getting things started. The challenge, according to Susan, was to help retain Sandia/California employees who loved their jobs but were struggling with housing. Ultimately, the teams agreed that SLFCU would present two days of home ownership seminars and look for a mortgage solution.
In September of 2018, SLFCU began offering California members a 5% down payment option. “We went from what we felt was going to be a ’shot in the dark’ to creating a solution that will make things much more sustainable for employees,” said David, adding that saving $40,000, while still significant, is a much more feasible option. According to Nerayo, it was fun to watch things progress from ‘let’s talk to the Credit Union’ to a partnership program between SLFCU and Sandia National Laboratories. “It’s been really cool. Truly a team effort,” emphasized Susan.
Although no longer employed by SNL Livermore, David is grateful that the Credit Union will have his back when it comes time to finance a home. “I’m not sure a bank would have worked with us or pulled this off,” he said. “We were so in awe of the Credit Union’s responsiveness and willingness to help us.”
Whether you’re a first-time home buyer, have a growing family, need to downsize, or are looking to refinance, SLFCU has a home loan to meet your needs. You can start the no-obligation application process online, by phone, or in person at an SLFCU branch.
« Return to "View All Articles"