Hometown Advantage Mortgage Program
The advantage is yours.
Rooted in your community. Built for your future.
The Hometown Advantage Mortgage Program is here to help you with your home purchase.
What is the Hometown Advantage Mortgage Program and who qualifies? Any individual(s) qualifies whose household income is at or below 80% of area median income (AMI) or is purchasing a property in an LMI tract (low-to-moderate income tract) and does not have any real estate in their name at the time of closing.
Down Payment Requirement:
- No down payment required!
Rate:
- Fixed rate with no down payment and no PMI required!
Eligible Mortgages:
- Purchase transactions of a 1 or 2 unit primary residence
- Owner-occupied primary residences
- First lien mortgages
Minimum Borrower Contribution:
- $1,000 minimum contribution is required from borrower personal funds (gift funds are an eligible source of down payment and closing costs)
Contact a Local Lender
Interested in learning more about our Hometown Advantage Mortgage Program? Contact your local lender today!
All loans are subject to credit approval. Max 43% debt to income ratio. Minimum Credit Score of 650. Loan term cannot exceed 30 years. Borrower(s) must occupy the property. Borrower(s) cannot own a home at time of loan closing. Non-occupying borrowers are permitted provided at least one borrower occupies the mortgaged premises as a primary residence. Homeownership counseling required. Household income must be at or below 80% of the FFIEC Area Median Income as identified by the location of the subject property or the subject property must be located in a low- or moderate-income tract. Escrow for property taxes and insurance required and flood insurance if applicable. Additional requirements/exclusions may apply. Up to 100% Loan to Value. Up to 105% cumulative Loan to Value when community seconds or down payment assistance are applied.
