FEDERAL HOME LOAN BANK – COMMUNITY INVESTMENT PROGRAM

Federal Home Loan Bank Community Investment Program (FHLB CIP)

Down Payment Assistance

 

FHLB CIP

Location Served: Texas

Provider: Federal Home Loan Bank of Dallas

Approved Lender: New American Funding – (512) 524-8077

Website

 

Overview

 
In order to aid members of the community, the Community Investment Program provides favorably priced loans to assist in financing homes for individuals in the area. The programs funds are available for housing-related programs aimed at families or individuals earning up to 115 percent of that particular area’s median income.
 
 
The Community Investment Program’s resources are available year-round. Member institutions are qualified to acquire the favorable advances from the Bank by simply making a CIP advance request.
 
 

Purposes of CIP Loans

 

CIP Advances can be used in the following ways:
 

  • To purchase, construct, refurbish, or refinance individual, owner-occupied housing properties that support families with incomes equal to or less than 115 percent of the area’s median income
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  • To purchase, construct, refurbish, or refinance projects involving multiple units of owner-occupied housing in which over 50 percent of the families living there have incomes equal to or less than 115 percent of the area’s median income
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  • To purchase, construct, refurbish, or refinance rental properties in which over 50 percent of the tenants renting there have incomes equal to or less than 115 percent of the area’s median income
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  • To obtain state housing finance agency bonds or mortgage-backed securities that represents pools of loans that could be financed directly with the Community Investment Program’s advances
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  • To finance low-income housing tax credits or investments in lender consortia, if the underlying mortgages can be financed directly with the Community Investment Program’s advances
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  • Provide loans for entities that will then lend the funding received to eligible housing projects
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  • May be used in combination with AHP, FHA, HUD, state and local governments, and secondary market agency programs
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  • The Community Investment Program may also offer CIP pricing, used to fund affordable housing for qualified households, to members with standby letters of credit and confirmations

 

Program Eligibility Guidelines

 
If you have any additional questions regarding home mortgages, please contact a mortgage expert by filling out the form on the right or calling (512) 524-8077. You can also email Team@CandyBuzan.com.

This website marketing is not intended to offer loan services for properties in New York.