REGULAR LOAN PROGRAM

REGULAR LOAN PROGRAM

Residential mortgage lending program to assist families and individuals who are first time homeowners and are unable to obtain financing for purchase or construction through conventional lending institutions.

Interest Rate – Prevailing Rate for a term of 15yrs. up to 30yrs.

 

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

 

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 %

 

Collateral Criteria:

1. Maximum loan-to-value ratio 80% (1st Mortgage)

2. Improvement must be insurable with all perils

3. Detached single family dwelling

4. Town house and condominiums acceptable upon review and common area fees must be included in housing expense calculations.

 

Maximum Loan Amount:

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

 

Funding Source:

1. Generally funded through revenues generated by operations.

2. GHC has utilized borrowed funds from financial institutions and the retirement fund.

3. GHC has obtained approval as a nonmember borrower from the Federal Home Loan Bank of Seattle.

 

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