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Homerica97 Program
Homerica 97 Program
The Homerica 97 Program is designed to make homeownership more affordable and accessible. This is accomplished by providing you with mortgage financing at a rate that is typically as much as ½ percent below the current market, and also for a fixed term of up to 40 years.

You may also utilize this program to refinance the existing mortgage on your home for a lower rate.

MAXIMUM LTV (LOAN TO VALUE) FOR PURCHASES
Property Type LTV Total LTV
Owner Occupied, 1 Unit, including Coops 97% 105%
Owner Occupied, 2-4 Unit 95% 105%

MAXIMUM LOAN AMOUNT

$417,000 - 1 Family Unit, Condo's and Coop's
$533,850 - 2 Family Unit
$645,300 - 3 Family Unit
$801,950 - 4 Family Unit

ELIGIBLE PROPERTY TYPES

1, 2, 3, 4 unit attached and detached, Condominiums, PUDs & Co-ops

OCCUPANCY

Owner Occupied Primary Residences (No Second Homes or Investment Properties)

QUALIFIED PROPERTIES

Properties must be located within a qualified area. If the property is not located in a qualified area, you may still qualify for the program based on your income. Call Homerica with the address of the property to find out if the property is eligible.

QUALIFIED BORROWER'S

Your household income must be less than or equal to 80% of the HUD estimated median area income. If you qualify based on your income alone, the property may be located anywhere in New York State or Fairfield County, Connecticut. Call Homerica to speak with a Loan Officer to find out if you qualify.

QUALIFYING RATIOS

Single Family: One ratio of 45%

2 - 4 Family: 33% for Housing Expense / 38% for Total Obligations. We utilize the PITI reduction method for calculating debt ratios. This means we will deduct a portion of the rental income from your housing expense making it much easier to qualify. (certain restrictions apply)

SELLER CONCESSIONS

A "seller's concession" is money that the buyer can use to pay any and all closing costs and pre-paid items for odd days interest due at closing, as well as funds deposited into an escrow account for payment of future taxes and insurance. These funds come as a credit from the seller at closing, and is a common technique used to lower the cash required from the buyer to close. Typically the buyer and seller agree on a net sales price and gross up the price to accomodate the seller's concession. The home must appraise for the grossed up amount. (certain restrictions apply)
Get More Information
Loan Purpose
Desired Loan Amount
$ 
Estimated Home Value
$
City/State of property being financed:
First Name Last Name
Address
City State
Zip
Home Phone
 -  - 
Work Phone
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Best time to call:
E-mail Address
When will you be purchasing
or refinancing:
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