SIX PERCENT LOAN PROGRAM
Low interest rate residential loan program, to assist families and individuals who are first time homeowners and are unable to obtain financing from conventional mortgage lending institutions. Interest rate is 6.00% for term of 30 years.
Eligibility Criteria:
- U.S. Citizen or permanent alien resident
- Resident of the territory
- Minimum occupancy requirement two (2) year
- Must have a written denial from a financial institution
- Applicant must be a first time homeowner
Qualifying Criteria:
- Permanent employment (2years employment)
- Acceptable credit
- Maximum Income to Housing expense ratio 29%
- Maximum debt to Income (including housing expense( 41%
Maximum Loan Amount:
Increased to FHA maximum loan limit currently $180,500.00.
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