A shared agreement between the Steinbach Credit Union and a local developer will help first-time homebuyers purchase their first house. 

SCU CEO Glenn Friesen says they have been working on a Developer Partnership Program with developer Waldo Neustaedter for the Lexington Village development, which will be located on the west-end of McKenzie Avenue. He adds they have created a program for homebuyers who have good credit, are able to make mortgage payments, but are finding it difficult to save up for a down payment. 

"The developer actually brings us the people. He pre-qualifies them and then he's the one that brings them to us and we put them through the conventional credit requirements, other than the down payment, and we process the mortgage. The minimum requirement [through this program] is 1% down."

Friesen says this will be a good thing for the community of Steinbach because it's helping people get into their first home.

Neustaedter says the community continues to grow, and the demand for available and affordable housing is increasing as more people chose to move to Steinbach and set roots here. 

"For first-time homebuyers, it's getting tougher and tougher with government criteria to get into their first home. They're just starting out and they need to find a place to live. They want ownership and to create the ownership you have to have options out there for them."

He adds every development has its benefits and the benefits of Lexington Village is filling the need present in Steinbach and helping first-time homebuyers or new immigrants get into an affordable home.

Friesen says, at the moment, there are 14 people who have been pre-approved and another 12 soon to be approved.

Neustaedter notes work has already started to prepare the area for construction and the first homeowners should be moving in on August 15.

Lexington Village will cover 74 acres of land and have approximately 340 homes. Neustaedter says it's a long-term plan which will take between 6 and 7 years to complete. 

Read More:
Some Steinbach Home Buyers Will Be Affected By New Mortgage Rules