Affordable Home

Citywide Affordable Home Purchase

• Amount of Loan                     Up to 105% of property value
• Term of Loan                         30 years
• Location of Property              City limits of Cumberland, Maryland
• Other Terms                          Owner-occupied
• Rate of Fixed Interest             6% with one point at 6.163% APR*

Estimated Minimum Out-of-Pocket Costs:

Prior to Loan Approval: 

• $100 deposit on Contract of Sale to listing real estate agent or seller
• $26 per borrower for credit report fee to CNHS
• $300 appraisal report fee to CNHS

Following Loan Approval: 

• $400 annual homeowners insurance premium to insurance agent of borrower's choice

At loan closing:     

• No payment needed at closing if the appraised value of the property exceeds $26,000 since closing costs  are financed in the purchase loan

*    Annual Percentage Rate (APR) is based on a $39,900 loan.