Wells Fargo Home Mortgage Community Development Mortgage Program (CDMP) and Neighborhood CDMP was designed to address barriers to home ownership. CDMP provides many features and advantages to make home ownership a reality for low-to-moderate income borrowers. Eligible Counties in California include Los Angeles, Orange, San Francisco, Alameda, Contra Costa, Marin, and San Mateo. The Community Development Mortgage Program just rolled out in California on 09/25/2013. Our preferred lender has originated several of these loans and can assist with your loan request if you're purchasing in any of the counties listed above. Call us and let's get started today.
Some of the benefits and flexibility of this program include:
* Non-traditional credit profiles for borrowers with limited credit usage under Standard CDMP.
* Maximum loan-to-value (LTV) of up to 98% in stable markets under Standard CDMP. This means you only need 2% for a down payment under the Standard CDMP program in stable markets!
* No cash reserve requirements for Standard CDMP
* Homebuyer education programs that include home ownership and budget management
* Income limits are waived in low-to-moderate income census tracts under Neighborhood CDMP
* Mortgage Insurance is *not* required! This program does not have UFMIP and is *not* an FHA loan. It's a Wells Fargo Portfolio loan and is only available through Wells Fargo Home Mortgage. Call me and I'll be happy to help.
* Flexibility on the source of closing costs and approved down payment assistance programs (DAP). 100% of your down payment can be gifted and can be combined with CHDAP or other eligible DAP programs.