Centreville Bank Introduces New Residential Loan Product for Low-to-Moderate Income Families
Called “PASO™,” which stands for “Providing Access to Secure Ownership”
Centreville Bank today announced the availability of PASO™ (Providing Access to Secure Ownership), a new loan product designed to help low-to-moderate income (LMI) families in Rhode Island, Connecticut, and Massachusetts purchase homes.
PASO is available for new Centreville Bank mortgages. The maximum loan amount is $350,000. It requires a 3 percent down payment with a FICO score* of 640 or higher and a 5 percent down payment if the customer needs non-traditional credit or has a FICO score between 620-640. (“FICO score” is the three-digit credit score created by the Fair Isaac Corporation.) This product also requires mortgage insurance. Qualifying income is limited to 80% of the specific area’s median income (individual or household) as published by HUD (U.S. Department of Housing and Urban Development). For first time homebuyers, an 8-hour HUD approved certificate program is also required.
“At Centreville Bank, we offer a full range of residential mortgage products and it’s our goal to help as many people as possible realize their dreams of homeownership,” said Marisol Vazquez, vice president, residential lending. “With PASO, we’re specifically increasing funding access for low-to-moderate income families who need mortgage loan options.”
Vazquez explained that Centreville wants to ensure that it is reaching all segments of the community, part of an overall effort that includes hiring additional bilingual mortgage loan originators to better serve the bank’s diverse customer base throughout its markets, which include Rhode Island, Eastern Connecticut and Bristol County, Massachusetts.
Eligible property types include single-unit principal residences; 2-4 unit principal residences; condominium/townhouse primary residences (warrantable); and planned unit development (PUD) primary residences.
For more information about PASO requirements, terms and current rates, as well as all of Centreville’s residential mortgage products please visit: https://www.centrevillebank.com/Personal/Lending/Mortgages