WHAT IS PROLOAN?

house.gif (17647 bytes) ProLoan

On June 5, 1991, the ProLoan program became a significant factor in the St Louis housing market It's initial success has surpassed all expectations and given a tremendous boost to residential construction in the St Louis area.

The ProLoan mortgage program offers FHA and Conventional loans to consumers for homes built with AFL-CIO union labor. Partially due to the success of PRO-LOAN, 90% of homes built in St Louis County are currently built with AFL-CIO union labor.

An individual wishing to attain a residential mortgage loan, applies with an institution offering ProLoan. After the loans close, they are packaged as mortgage backed securities which the Carpenters' Pension Trust Fund has committed to purchase.

Under the ProLoan scenario, everyone is a "winner". The homeowner gets a loan at competitive market interest rates with a 180-day rate and point lock-in, a float down option 15 days prior to closing, low down payment, no unexpected fees at closing, and no prepayment penalty. The financial institution services the mortgage and is guaranteed that the packaged loans will be purchased, and the Carpenters' Pension Trust Fund earns a solid return on its investment. Finally, union workers receive man hours and jobs are created in the St Louis community - which in turn means more employer contributions to the Pension Fund.

In these troubled economic times, Carpenters have put their money back into the local community, generating jobs to help St Louis grow. The outstanding success of the ProLoan program is a clear indication for the future of the homebuilding economy in St Louis and the surrounding area.

For more information and a free packet regarding the ProLoan program, please call (314)822-1644 or click here to go to ProLoan's website.