Affordable Housing loans are available on owner occupied dwellings for borrowers in moderate income brackets.
In all cases, good credit and stable two year employment history are required. Income limitations apply.
First Equity offers the following types of Affordable Housing Loans:
My Community/Home Possible
Financing available up to 100% of the sales price.
Average credit history is required. Escrow Account and
mortgage
insurance are required. Income
limits apply in some areas; one to two family dwellings, primary residence
only. Seller Contributions for closing costs
and prepaids are allowed.
Guaranteed Rural Housing
Single family, owner occupied home purchases are available
for 100% of the appraised value of the home. Good credit is required. Income limits apply, which vary by location and
family size. The Rural Economic Community Development (RECD) Agency
publishes area maps which define rural areas. Fixed rate programs only,
debt-to-income
ratios are 29/41.
