City Lender I – Uplift
- Max Purchase Loan Amount : $205,000
- Low Down Payment: $500 (Regardless of Sales Price)
- Interest Rate: 4% Fixed Rate (NO PMI)
- Eligible Borrowers:
- Minimum FICO Score to be eligible 600
- Must get pre-approved by City of Columbia Partner Lender
- Credit worthy buyers with gross Household Incomes that are between those listed below (owner-occupied loans only)
|
# in Household |
1 | 2 | 3 | 4 | 5 |
6 |
|
Maximum Income |
$47,000 | $53,700 | $60,400 | $67,100 | $72,500 |
$77,850 |
Up to $3500 Closing Cost Assistance as a Forgivable Third Mortgage over 5 years of continuous residence. (Based upon availability of funds)
Loan Breakdown:
|
LOAN EXAMPLE |
PAYMENT EXAMPLE |
|
| $100,000 | Sales Price |
First Mortgage Loan Amount $79,600 at 6% interest rate |
| $500 |
Down Payment (Regardless of Sales Price) |
|
|
$79,600 |
First Mortgage – (80% Loan Amount) Partner Bank |
Loan Payment – $477.24 |
|
$19,900 |
Second Mortgage – (20% of Loan Amount)
(4% fixed rate for 30yrs by City) |
Loan Payment – $95.01 |
|
Total Payments – $572.25 + Taxes and Insurance |
For any additional housing loan inquiries email [email protected] or call 803-545-3373.
