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Community Reinvestment Act 3% Down Mortgage Program for First Time Home Buyers
3% Down Financing Available with no PMI... Census Tract Based Financing
A CRA home loan is originated by a federally regulated bank or mortgage lender that is obligated to meet the requirements of the Community Reinvestment Act (CRA) of 1977. Some banks refer to these loan products as “portfolio loans.” Typically the largest of the federally-regulated banks have created special CRA home loan programs that are designed to meet the needs of low and moderate income households in their service area.
To be eligible for a CRA home loan program the following are some examples of typical requirements across the various programs:
You must be low or moderate income (earning 80% or less than the area median) or that the property is located in a low to moderate income census tract. You must own and occupy the home you are financing. The borrower and co-borrower must complete home buyer education provided by a HUD certified housing counseling agency. Meeting a CRA loan programs underwriting or credit standards is often easier than qualifying for other types of loans. Depending on the program, you may still qualify for an CRA home loan with a lower credit score and some lenders still allow you to build an ... more
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