Good morning and we’re starting the week with great news!
Farmers National Bank is rolling out a new affordable housing mortgage program
*Purchase a primary residence
*$5000 downpayment/closing cost grant that is forgiveable over a 5 year period. Grants are issued on a first come, first served basis and there is a limited amount of funds.
*30 year Fixed rate
*Payment must include escrows for real estate taxes and homeowners insurance
*Maximum 95% loan to value
*Borrower must contribute $500 or 1% of purchase price (whichever is greater) from their own funds – any other shortfall not covered by the Grant and buyers funds for closing costs, etc can come from a gift or seller concession. Maximum seller concession is 3% of sale price
*Minimum 620 credit score
*Homebuyers counseling required
*At least 3 years from previous bankruptcy or foreclosure discharge
*Household income is at or below 80% of the HUD median income level based on the number of individuals who will be living in the home, for the county where the subject property is located
*Repairs identified by the appraiser that affect the “safety and/or soundness” of the property, must be addressed prior to closing. Completed repairs are to be re-inspected by the appraiser prior to closing
*Minimum loan amount $25000
If you have any buyers that you think may qualify for this program- please give them my name and direct number 440.452.3894.
Another way Farmers National Bank helps more buyers achieve the American Dream of Homeownership!
Call me for an application or more details! 440.452.3894