7 17 Credit Union announces major initiatives to support housing in Warren and the Mahoning Valley

7 17 Credit Union has announced two new initiatives aimed at improving housing access and affordability in the Mahoning Valley with a specific focus on Warren.

The announcement was made by John Demmler, President and CEO of 7 17 Credit Union and Chair of the Youngstown-Warren Regional Chamber Housing Council. 

These initiatives are a direct response to recommendations outlined in the Eastgate Council of Regional Governments' Housing Study, which calls on employees to play a more active role in addressing the region's housing challenges.

For the first initiative, 7 17 employees will receive enhanced benefits when purchasing a local home through the credit union effective immediately:

- 1.00% mortgage rate discount for homes purchased anywhere in Trumbull County, where 7 17 has been headquartered since 1957.

- 2.00% mortgage rate discount (down to the Applicable Federal Rate) for employees purchasing a home within the city limits of Warren.

Additonally, 7 17 will waive fees for application, loan origination, credit report, processing and documents, appraisal and title insurance for employees buying in Warren.

Demmler says these new incentives reflect their commitment to helping their employees live better financial lives while also investing in the communities they serve.

"We're proud to lead by example in showing how employers can support housing stability and neighborhood revitalization," Demmler said. 

For the second initiative, 7 17 is now waiving mortgage fees to all employees of its more than 1,100 Workplace Partners across the region.

All of the fee waivers for the 7 17 employee Warren purchase program will also apply to the Workplace Partner employee program. 

According to a press release, this benefit can save borrowers approximately $3,500 on an average $130,000 home purchase.

Demmler says he remembers buying his first home nearly 30 years ago and being shocked by the thousands of dollars in unexpected bank fees.

"With this program, we're making homeownership more affordable and accessible - because when we bank with purpose, we can build a stronger community," Demmler said.