SIX PERCENT LOAN PROGRAM

SIX PERCENT LOAN PROGRAM

Low interest rate residential mortgage 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:

1. U.S. Citizen or permanent alien resident

2. Resident of the territory

3. Minimum occupancy requirement two (2) year

4. Must have a written denial from a financial institution

5. Applicant must be a first time homeowner

 

Qualifying Criteria:

1. Permanent employment (2yrs employment)

2. Acceptable credit

3. Maximum Income to Housing expense ratio 29%

4. Maximum Debt to Income (including housing expense) 41%

 

Maximum Loan Amount:

Increased to FHA current maximum loan limit. Public Law 22-113 authorizes GHC to adjust its loan limits using the FHA maximum loan amount as established by HUD.

 

Funding Source:

1.Through legislative appropriations – P.L. 20-210