<Ol> <Li> It is generally a locally owned and privately managed home financing institution . </Li> <Li> It receives individuals' savings and uses these funds to make long - term amortized loans to home purchasers . </Li> <Li> It makes loans for the construction, purchase, repair, or refinancing of houses . </Li> <Li> It is state or federally chartered . </Li> </Ol> <Li> It is generally a locally owned and privately managed home financing institution . </Li> <Li> It receives individuals' savings and uses these funds to make long - term amortized loans to home purchasers . </Li> <Li> It makes loans for the construction, purchase, repair, or refinancing of houses . </Li>

Which statement describes one difference between a savings and loan association and a credit union