CE To Originate $100 Million
Affordable Housing Program
Community Empower Joins AmeriQuest
And Texas State Affordable Housing Corporation
To Originate $100 Million Loan Program For Low Credit Score
Borrowers
TEXAS - In what could be considered one
of the nation’s most innovative loan programs for
credit troubled borrowers, CE is again leading the way for
homeownership. CE Lending and the Texas State Affordable
Housing Corporation have signed a state-wide loan origination
agreement to lend up to $100 million in low-cost, low-interest
loans. This innovative new loan program will be offered
to several hundred pre-qualified would-be homeowners in
the Community Empower counseling system.
To be eligible for a mortgage,
a borrower must have a credit score between 525 and 610;
have an income of 80% or below AMFI limit; be a first time
homebuyer; and purchase a newly constructed home in the
state of Texas. (Other credit criteria apply).
For every consecutive 12-month
period of on-time payments, the borrowers will receive an
automatic reduction in their mortgage interest rate by 50
basis points (.5%).During the first 48 months of the mortgage
loan, borrowers can lower their interest rate up to two
percent (2%). A borrower will receive pre and post-closing
Home Buyer Education Training.
CE is offering the program
through its statewide Network and through selected media
including radio, television and newspaper campaigns. Several
CE Network Partners have signed on to build custom homes
for these new homebuyers after they have pre-qualified for
the Texas Affordable loan.
First time home buyers
in Texas may apply
online.
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