More rewards and better benefits
Our Community Lending Program offers affordable financial solutions and low-down payment requirements, making it the perfect match for low-to-moderate income home buyers in designated market areas. At FirstBank we see an opportunity to pave the path to homeownership by creating a geographical area and low-moderate borrower income driven program. The geographical areas that would benefit from this program are those properties located in Majority Black Track (MBT) and/or Community Reinvestment Act (CRA) low and moderate census tracts. Therefore, if the applicant’s property location is in a MBT or CRA, or the income of the applicant is low-moderate, the loan could be considered Special Purpose Credit Program eligible.
All loans are subject to credit approval under FirstBank Florida terms and conditions. Programs, rates, terms and conditions may vary and are subject to change. Above products and services are available only in Florida. Up to 97%\105% percent LTV/CLTV allowed, with a Community Seconds mortgage.
1Maximum CLTV up to 105 percent if the Community Seconds mortgage fully complies with the investors guidelines and other requirements.
2Closing cost assistance programs may not be available in your area. Lender Credit to fund closing cost may vary depending on your AMI. The Community Lending program offers a lender credit of $6,000.00 for borrower at or below 80% AMI and $3,000.00 for borrower at or below 80% to 100% AMI.
3Borrower must qualify and be approved by mortgage insurance company, up to 97% LTV. Majority Black tract area is defined as: A Majority Black Tract is an area where at least 50% of the population is identified as black or African-American. Program eligibility is not based on race, color, religion, sex, handicap, familial status, or national origin. Applicants must meet all Community Lending Program’s terms and conditions at time of closing. A Change of Circumstance prior to closing, such as change of property, income, among other may disqualify a previously eligible candidate. This program is covered under our Special Purpose Credit Program.