Community Lending Program

Embark on the Path to Homeownership and Save

Program Overview

The Community Lending Program provides a discounted rate or lender credit to homebuyers considering properties located in eligible areas. Participants can secure a competitive conventional loan with significant savings plus additional rate discounts depending on the loan scenario.

Guidelines

Must be a primary residence

620 minimum credit score

Property must be in an eligible area

Low down payment options

No income restrictions

Program eligibility is based on property location.

Available to first-time and repeat buyers purchasing a home.

Utilize savings to lower your rate or closing costs.

Use the funds to obtain a temporary rate buydown.

Available for cash-out and rate & term refinances.

See How You Can Save With This Program

We ran a sample loan scenario based on an $850,000 condo purchase. The strategies below depict the different ways we can use this loan program to help you get into a home more affordably. Reach out to one of our experienced mortgage consultants who has the knowledge to show you what this program may look like for you and help you achieve your homebuying goals.

Strategy 1

Achieve a lower rate without paying any additional fees. In this example below, you save $624 per month!

	Standard Loan	Community Lending Loan
Purchase Price	$850,000	$850,000
Loan Amount	$807,500	$807,500
Interest Rate	8.125%	7.000%
Discount Points	.423% or $3,416	0
Principal and Interest Payment	$5,996	$5,372

Based on rates as of 12/7/2023, an 95% LTV ratio, 720 FICO Credit Score, and an APR of 7.542% for sample purposes only and is dependent on the loan amount, income, credit score, and other important details.

Strategy 2

Instead of taking the lowest rate, you can opt for a rate that will provide a credit to help cover your closing costs! In this example below, you are still saving $281 per month and getting a lender credit of $7,600 to reduce your loan closing costs.

	Standard Loan	Community Lending Loan
Purchase Price	$850,000	$850,000
Loan Amount	$807,500	$807,500
Interest Rate	8.125%	7.625%
Discount Points	.423% or $3,416	0
Principal and Interest Payment	$5,996	$5,715
Closing Cost Credit	0	$7,600

Strategy 3

Use the lender credit to fund a temporary interest rate buydown program! In this example below, the seller is providing a portion of the credit, and the remaining cost to fund the temporary buydown is provided through a lender credit made possible by this program. Not familiar with temporary interest rate buydowns? Click here to learn more.

Years	Rate	Monthly Payment
1	5.75%	$4,712
2	6.75%	$5,237
3-30	7.75%	$5,785
Total Savings in Years 1-2: $19,452

Reach out to your loan officer to see if a certain area or property is eligible for this program.

Contact or Find Your Loan Officer

Financing details are for educational purposes only. Program is available in qualifying locations, contact your RWM Home Loans loan officer to see or personalize your loan scenario. Rates, program terms, fees, and conditions referenced are subject to change without notice. Not all products are available in all states for all amounts. All mortgage applications are subject to underwriting guidelines and approval.

RWM Home Loans is not affiliated with HUD, FHA, U.S. Department of Veteran’s Affairs or any Government Agency. Financing details are for informational purposes only and should not be relied upon by you. APR means Annual Percentage Rate. Rates, program terms, fees, and conditions are subject to change without notice. Not all products are available in all states. All mortgage applications are subject to underwriting guidelines and approval. Additional conditions, qualifications, and restrictions apply. This is not an offer of credit or a commitment to lend. Residential Wholesale Mortgage, Inc. dba RWM Home Loans is licensed by the CA Department of Real Estate #01174642 and the CA Department of Financial Protection and Innovation #4131353 under the California Residential Mortgage Lending Act. Company NMLS #79445. www.nmlsconsumeraccess.org AZ Lic. #0949171; Branch AZ Lic. #0947596; RWM Home Loans AZ Lic. #0947596

Mortgage Lending Simplified

Download the free RWM Home Loans Fluid Mobile App today and get started on your journey to homeownership.

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