If you are considering buying a home, you may be eligible
for the Community Incentive Program. This program helps first time home buyers
purchase a home with no money down and or with limited credit.
This program has no PMI (Private Mortgage Insurance) witch
decreases your monthly mortgage payments and in some cases, allows you to
qualify for more house with lower payments. This truly is one of the best
mortgage loan products available in today's market.
Loan amounts up to
limits: 97% financing - $66,500.00, 100% financing -
$53,200.00 household income. No income limits in HUD designated
housing, 41% total debt. Can go up to 45% with 720 credit score and
no other debt
year fixed only
Can use approved
down payment assistance program or qualified gift
Single family residence, townhouse or condo
97% financing - one month PITI, 100% financing - two months PITI
Buyer Credit Qualifications:
No 30 day
delinquencies within the past 12 months. Derogatory credit mustbe
explained. Collections may not have to be paid, but judgments mustbe paid off.
financing, minimum credit score must be 660.NO MINIMUM CREDIT SCORE for 97% financing.
credit sources can be utilized. Must be opened and maintained for 12
months. Minimum number is three sources of non-traditional credit.