SOMERSET, N.J. (7/22/08)--Renaissance Community Development CU (RCDCU) has been approved by the U.S. Department of Housing and Urban Development (HUD) as the only Federal Housing Administration-approved community development credit union lender in the state. RCDCU Board President Shirley Spruill made the announcement Monday. “With so many small credit unions closing or merging, it’s a good feeling to know that just because you are considered small based on your asset size, that with determination and the will to succeed, you can,” Spruill said. “The key to survival for small credit unions is to drop the fear of ‘we can’t because of our size’ and offer products and services that meet the needs of our members,” she added. RCDCU is a member of the National Federation of Community Development Credit Unions. The credit union has $801,014 in assets. HUD must approve all lenders that offer FHA-backed mortgages. Through the FHA program, borrowers within minimum credit scores of 520 can qualify for mortgage insurance, make lower down payments with assistance from grants. FHA currently insures about five million mortgages.