MortgageDepot is truly dedicated to supporting communities and providing affordable housing options.
The Community Reinvestment Act (CRA) loans offered by MortgageDepot are designed to help borrowers purchase a home based on specific criteria. This includes households with income levels below 80% of the Area Median Income (AMI) or homes located in low-to-moderate income areas. This program not only helps families achieve the dream of homeownership but also allows us to expand our lending opportunities.
Some key features of MortgageDepot’s CRA loans include:
- Up to 97% loan-to-value (LTV) ratio with no mortgage insurance
- Minimum borrower contribution of only 1% for one unit and 5% for two units (the remainder can be gifted)
- No credit score requirement up to 95% LTV for one unit (documentation of four non-traditional credit sources required)
- Standard conforming loan amounts
- 30-year fixed-rate mortgages
- Available for W-2 borrowers only
By offering these affordable CRA loans, MortgageDepot is making a positive impact on communities and helping more families achieve homeownership. It’s a win-win situation for everyone involved. If you’re looking to support the Community Reinvestment Act and help families in need, MortgageDepot’s CRA loans are a great option to consider.
Connect with one of our loan consultants to learn more.
