• Loans are not limited to first time homebuyers and are
available for qualified borrowers' home purchases or refinances
• Loans for up to 4-unit properties, not limited to single
family units
• Borrowers with 100 percent of the HUD median income qualify
for the program, higher limits qualify in higher cost area
and no income limits in targeted censustracts.
• No income limits in targeted census tracts
• For single unit properties, only a minimum 580 FICO credit
score or acceptable alternative credit if no reported credit
score is available.
• Zero points option on origination fees to help borrowers
minimize up-front costs
• 3-to-5 percent down payment options, with only 1-to-3 percent
required from the borrower's own funds
• Down payment may come from cash on hand, gifts, grants, employer
assistance, secured or unsecured loans and/or pooled funds
• 45 percent of the borrower's gross income can be used for
the mortgage payment, depending on other debt
• Cash income may be used as an additional source of income
with a minimum 640 FICO score or with acceptable alternative
credit if no score is available
• No required cash reserves for single unit loans |
Features such as the afore mentioned should enable the consumer/homeowner
who is seeking to either purchase a home or who has already purchased
a home and is seeking to refinance to a lower interest rate, to
be successful in this endeavor. The lower costs, fico scores,
credit requirements and increased debt to income ratios of the
Community Access Program Home Loans should provide a safe haven
for consumers who would be otherwise subject to high interest
rate "subprime" lending scenarios. This may allow select
homeowners to achieve a possible 2% rate reduction.
Click Here for Short Form Application
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