Power Financial Credit Union launches program to make homeownership more accessible and affordable for first-time buyers
This innovative program eliminates two of the biggest barriers for first-time home buyers—down payments and private mortgage insurance.
PEMBROKE PINES, FL (October 2, 2024) — Power Financial Credit Union is proud to announce a new, groundbreaking homeownership program specifically designed to help first-time home buyers make their dream of owning a home a reality. In response to the ongoing housing affordability crisis in South Florida, this innovative program eliminates two of the biggest barriers for first-time home buyers: down payments and private mortgage insurance (PMI).
South Florida home prices continue to surge, making it increasingly difficult for many to achieve the American dream of homeownership. First-time buyers, in particular, are feeling the brunt of this burden. According to recent studies, over 70% of prospective first-time home buyers cite saving for a down payment as the biggest obstacle to homeownership.
“First-time home buyers are facing unprecedented challenges in today’s housing market, particularly here in South Florida, where affordability has become a serious issue,” said Allan Prindle, President and CEO of Power Financial Credit Union. “As a credit union, we are rooted in the belief that we exist to serve our members and improve their financial well-being. If we’re truly going to live up to those values, it’s our responsibility to take action because no one else is going to step up for them. That’s the role credit unions play in our communities—offering financial solutions that make a meaningful difference in people’s lives.”
Prindle added, “We believe that by removing traditional barriers like down payments and PMI, we can empower more families to achieve their dream of homeownership.”
Key Features of the Power Financial Credit Union First-Time Home Buyer Program:
- No Down Payment: First-time homebuyers can purchase their home without the need for a down payment, easing the upfront financial burden.
- No Private Mortgage Insurance (PMI): Unlike most low down payment programs that require PMI, our program eliminates this additional monthly cost, further reducing homeownership expenses.
- Competitive Rates & Flexible Terms: Enjoy competitive interest rates and customizable loan terms tailored to meet the needs of first-time buyers.
- Financial Education Support: As part of our commitment to financial literacy, buyers will have access to homeownership resources and personalized guidance throughout the process.
Power Financial Credit Union is committed to supporting our members at every step of their financial journey. We understand that homeownership is not just about buying a house—it’s about building stability and creating a better life for individuals and their families, both now and for future generations.
To learn more about our First-Time Homebuyer Program, visit
our website or call us at 800-548-5465.
About Power Financial Credit Union
Serving the South Florida community since 1951, Power Financial Credit Union is committed to helping guide its members to better financial lives today and for generations to come. Power Financial Credit Union helps members achieve financial freedom by combining free financial education resources with a superior experience, and personalized banking solutions, many with great rates, low to no fees and exclusive discounts. Power Financial Credit Union’s customized personal and business banking solutions including mortgages, home equity loans, checking, savings, youth accounts, CDs, money markets, IRAs, credit cards, auto loans, personal loans, business accounts, business loans, merchant services, payroll services, investments, and more. Power Financial Credit Union was the first credit union in South Florida to eliminate overdraft and non-sufficient funds fees. To learn more, please visit www.PowerFi.org.
