MY LIFE Home Repair/Debt Consolidation Assistance
Second Mortgage Guidelines
OBJECTIVE
- Neighborhood Housing Services of Greater Berks (NHSGBI) offers Home Repair and Debt Consolidation Assistance Second Mortgage Program for qualified low to moderate income residents of PA.
- 105% or lower of the Area Medium Income.
- Funds may be used for any purpose within home repairs and debt consolidation parameters.
- 2 years of interest only payments
- Borrow up to 125% of what your home is worth – MUST BE A HOME OWNER
- $30,000 limit
Eligible Properties:
1- unit Single family, owner occupied, principal residence. Property to be located within the Commonwealth of PA.
Max and Min Loan Size:
$2,500 to $30,000
Maximum C L-T-V:
125%.
Interest Only Period:
***OPTIONAL 24 months interest only period (extends term if selected.)
Interest Rate:
Contact NHS for Current Market Rates – Range is 8.990% to 10.990% based upon credit profile.
| SCORE | RATES | SCORE | RATES |
|---|---|---|---|
| 761+ | 8.990% | 681-700 | 9.990% |
| 731-760 | 9.250% | 661-680 | 10.250% |
| 716-730 | 9.500% | 641-660 | 10.500% |
| 701-715 | 9.750% | 621-640 | 10.750% |
| 580-620 | 10.990% |
Financing terms:
5,7-,10-,15- or 20-year Terms
Income Ratios:
Max 50%
Collateral:
2nd position or greater lien recorded against collateral primary residence.
Credit Score:
580 (case by case)
Fees:
$1,100.00 average closing cost NHS fees included with the loan.
Budget Counseling:
* Borrower to meet for at least one (1) hour with an NHS Housing counselor individually.
Other Requirements:
$99.00 Non-Refundable Application Fee (to cover third party costs.)
Credit Requirements:
No major derogatory credit in the last 12 months (1st Lender Guidelines)
