M&I, soon to be BMO Harris Bank, is offering another fantastic financing option called the Neighborhood Home Loan Program (NHLP), which is a 30 year, fixed-rate loan with as little as 3% down with NO PRIVATE MORTGAGE INSURANCE! Potential clients would also be able to receive a $1,600 closing cost credit from M&I Bank if they open a Portfolio Checking account and establish auto-pay for their new mortgage.
Typically, NHLP is an income restricted program, however, there is no income restriction when utilizing the program for the purchase of a home in a “low” or “moderate” income census tract (defined by the Federal Government based on census data). This program can be used on owner-occupied single family homes, duplexes (with 5% minimum down), or condos that meet Freddie Mac guidelines.
NHLP loans can also be utilized by borrowers buying a property in Dane County who make under $65,500 gross annual income. Borrowers under this income limit can use this program to purchase owner-occupied homes that are not located in “low” or “moderate” income census tracts. These borrowers buying outside of a “low” or “moderate” income census tract would be eligible to receive a $1,100 closing cost credit from M&I if they open a Portfolio Checking account us and establish auto-pay for their new mortgage.
With interest rates still at or near historic lows, coupled with this lending option, you really shouldn’t wait to make a move. Get into a new home before the holidays!
Where are the homes for sale that qualify for this great program? Call Carlos Alvarado today to find out. Or if you’d like to speak to our preferred M&I Bank lender about this program, please contact David Clem at 608.231.5675 or firstname.lastname@example.org or visit www.bmoharris.com/dclem to apply online today.