Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

I want to use a Community Development advance to fund a program that provides one- to four-family mortgages. Are there any special requirements?

April 26, 2017community development four-family fund mortgages program provides requirements special

0

Posted

I want to use a Community Development advance to fund a program that provides one- to four-family mortgages. Are there any special requirements?

1 Answer

0

Posted

Yes. Please include materials that describe your bank’s special mortgage program, including its underwriting requirements and any special features, such as higher loan-to-value ratios or lower fees or interest rates. You must be able to track and report on loans made under the program.