| In order to protect the privacy of our clients, an appointment is required to enter our office. No children are permitted in the office. All applications must be mailed or deposited in the lock box at the front door. There are no exceptions! Thank you. |
| Adjustable rate or interest-only mortgage? REfinance to an Affordable Loan with First National Bank of Chester County's REAL program. |
| Housing Partnership of Chester County |
| All rights reserved. |
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| Explore the Housing Partnership |
| Learn about our programs |
| REFINANCE to an AFFORDABLE LOAN (R.E.A.L.) |
| The REAL program offers attractive 30-year fixed rates. Because it combines 100 percent financing with flexible credit underwriting, it may offer relief to homeowners like you who otherwise may not qualify for typical mortgage refinance programs. REAL program loans are originated by approved PHFA lenders and your payments will always be made to PHFA. |
| ELIGIBILITY REQUIREMENTS: |
- You must have a credit score of at least 620 OR meet the following conditions:
have no more than two 30-day late payments since the adjustment. Your mortgage payment history 12 months prior to
the adjustment must show no history of late payments.
- Your credit history of other debt (car loan, credit cards, etc.) shows no more than three, 30-day late payments 12 months
prior to the adjustment of your mortgage.
- You may borrow up to 100 percent of your home's value based upon a current appraisal (or 95 percent for borrowers with a
credit score below 620). The REAL loan may be used to finance items such as subordinate mortgages, closing costs,
prepayment penalties, delinquent property taxes, and arrearages that have occurred within the past 12 months after the loan
reset to a higher monthly payment amount. - Your monthly total debt costs (credit cards, car loans, installment loans, REAL mortgage payment, student loans, etc.) may not
be more than 50 percent of your total gross monthly income (or 45 percent for borrowers with a credit score below 620.)