These home loan programs may provide a solution for potential homeowners who may not have the traditional mortgage profile because the programs have much more flexibility when qualifying homeowners whose credit history, income, employment history, savings history, or property value are below average.
Community Lending Mortgage Lender in Boston, Worcester, and Peabody
Community lending mortgages are, in essence, loan and mortgage programs which are aimed at low-to-middle income consumers. The properties, which are eligible for community lending programs, need to be located in underserved areas. These areas are designated by the United States Department of Housing and Urban Development (HUD). Community lending home loan programs are offered by a number of financial institutions, and can have a very positive impact on both peoples’ lives and the economy.
Community Lending Mortgage Programs Offered by Drew Mortgage
Community home mortgage programs may be ideal for consumers who need some assistance or flexibility in qualifying for mortgages. The reason for this is that community lending programs do not include many of the requirements of conventional mortgages. These loans may provide alternative underwriting guidelines with respect to credit, income, employment and property requirements. These programs recognize that homeownership can help to stabilize families and communities.
Community lending programs offered by mortgage lenders in MA aim to make the home ownership process more accessible by providing 30-year fixed-rate loans with lower interest rates to qualified borrowers. There are a number of mortgage programs available and many offer options to make monthly payments that may be lower than monthly payments required by conventional loans. These programs can be beneficial for underserved communities and low-to-moderate income families. Because these loans are fixed rate, the level of risk for increased loan payment is lower for the qualified homebuyer.
Community lending mortgage programs can provide great benefits to borrowers who would not otherwise be able to afford purchasing a home. Not only does home ownership help the financial future of the individual, it can play a role in helping stabilize families, communities and the US housing market.