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Affordable Home Mortgage
Use our Affordable Home Mortgage with lender-paid mortgage insurance and closing cost assistance. [cite::232::cite]
At California Bank & Trust, our goal is to get you closer to the American Dream.
Helping individuals achieve home ownership and strengthening our communities are the reasons behind our Affordable Home Mortgage. It is a mortgage loan option featuring flexibility for qualified borrowers who meet specific income criteria or properties that meet geographic location eligibility.
Our Affordable Home Mortgage offers home financing with:
- Lender-paid mortgage insurance (purchase/refinance).
- The opportunity for existing, repeat or first-time buyers to borrow up to 97% loan-to-value.
- The option to refinance your current loan to eliminate mortgage insurance.
- Closing cost assistance from $1,500 to $3,000 for purchase only.[cite::232::cite]
- No lender fees.
- Fixed-rate terms up to 30 years.[cite::233::cite]
Affordable Home Mortgage vs. Traditional Mortgage Loan
| Benefits | Affordable Home Mortgage | Traditional Mortgage Loan |
|---|---|---|
| Fixed-rate terms up to 30 years[cite::233::cite] | ||
| Closing cost assistance for purchase only[cite::232::cite] | ||
| Lender-paid mortgage insurance | ||
| Available to households earning up to 80% of AMI | ||
| No income restrictions for LMI Census Tracts | ||
| Affordable housing assistance programs |
What helps you qualify for a Affordable Home Mortgage?
This home loan program is designed for borrowers meeting the following eligibility requirements:
- Households earning up to 80 percent of the area’s median income (AMI) which is determined by HUD.
- Low income and moderate income (LMI) Census Tracts with no income restrictions.
Find an authorized Mortgage Loan Officer who specializes in Affordable Home Mortgage and get more information to apply today.