Tucumcari Federal Savings and Loan Association was founded on July 12, 1934. The original purpose of the Association was to provide a way for residents of the community to deposit their money in a safe place, and to help local residents own their own homes. Until that time, home loans were not available as they are today, so people had to save up their money and pay cash for homes, inherit a home, or borrow money that had to be paid back very quickly. Down payments averaged 35%, and mortgage loans had to be repaid within five years at rates that were often over 8%. Americans had always held to an ideal of individualism that included a home of one's own; but before the Homeowners Act of 1934 was passed, only four out of every ten Americans managed to attain that status. In 1933, only 864 mortgage loans were originated nationwide! The Homeowners Act of 1934 made dramatic changes in the way homes were financed, and Tucumcari Federal was on the leading edge of what became a true American value of homeownership.
Today, Tucumcari Federal has much the same philosophy; we still provide a safe place for our depositors' hard-earned money, pay competitive rates, and emphasize homeownership. We have financed thousands of homes in Eastern New Mexico, and take pride in helping local residents achieve the dream of owning their own home.
At Tucumcari Federal, we keep the loans we make, and don't sell them to investment banks. No institution of any kind has served Quay County longer, and no one knows Quay County better than Tucumcari Federal Savings and Loan Association.
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