Community Loans
Ideal for anyone facing barriers when trying to purchase a home, whether if be do to low or no income, low or no assets, recent immigration, or other financial hardships that make buying a home difficult. These loans are in place in order to try and increase homeownership across the country so that no matter your circumstance, you can own the home you want.
Intro to Community Loans
At Loan Vault we believe affordable housing is a right, not a privilege. This means we are committed to finding mortgages that fit every budget, circumstance, and lifestyle, no matter what that may look like. We understand the difficulties of purchasing a house when faced with hardships which is why we love servicing anyone who may require a community loan to get their dream home. We promise to find you the best rates and work with your situation to get you in your dream home sooner, cheaper, and safer than the competition.
What is a Community loan?
A community/NINA loan, or no income/no assets loan, is a loan for individuals and families who do not have the typical assets or income to qualify a mortgage. These loans are also useful for recent immigrants or individuals who work for foreign countries and may not be able to provide typical proof of income in the US. These loans often have no minimum loan requirements, low-zero down payments, and fixed rates. These loans are part of a program that aims to expand home ownership for qualifying individuals to allow for competitive and affordable rates for those who have unique circumstances. These loans’ sole goal is to make qualifying for loans easier and more available to more individuals.
These loans:
- Have no income documentation required
- Are available for families at or below 80% of their areas median income
- Apply to 30-year fixed rate mortgages to allow for consistency and predictability in financing
Is a Community Loan Right For You?
Requirements to keep in mind when considering a Community Loan:
- 25% or greater down payment
- 640 or higher credit score