1. Community Loan Program – 2% Down, No PMI - Wells Fargo Home Mortgage
The Community Loan Program allows a home buyer to get a 30 year fixed rate loan with a 2% down payment and no mortgage insurance. This loan is unique to Wells Fargo - because Wells Fargo & Wachovia are a bank as well as a mortgage company they have a commitment to be an asset to the communities in which they have a banking presence. Offering these special loans (which mainly appeal to 1st time or moderate income homebuyers) is one way they try to give back to the community.
Highlights/Guidelines:
- The maximum loan amount under this program is $250,000 and the customer and property would still have to meet regular loan qualification criteria (good credit, income, appraisal, etc.).
- The home needs to lie in a census tract which is considered low or moderate income (the vast majority of the census tracts in East Atlanta, East Lake , Kirkwood, Oakhurst, Ormewood).
2. HomeStyle Renovation Program – Combine Home Purchase w/Reno Costs - Loan South Mortgage
The Fannie Mae HomeStyle Renovation program allows borrowers to combine the purchase or refinance of a home with the costs to renovate or extensively remodel the property. At closing all funds for renovation will be escrowed in an interest earning account. After all renovation work is complete, any remaining funds in the renovation escrow account will be used to pay down the principal balance of the mortgage.
Highlights/Guidelines:
- If it is for the purchase or refinance of your primary residence you may be able to put as little as 5% down with a minimum credit score requirement of 700.
- Investor loans are allowed with a minimum down payment of 25% and a minimum credit score of 740.
LoanSouth Contact: Brandon Byrd (404) 915-8252 BByrd@loansouth.com
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