Community Experts Mortgage Program
TruStone Home Mortgage is excited to offer a mortgage program that makes it easier for people who work in community-strengthening professions to buy a home. With the Community Experts Mortgage Program, those in Community Experts professions (CPAs, architects, actuaries and more) and Community Heroes professions (firefighters, teachers, police officers and more) can purchase a home with no down payment.
Read on for details on requirements for this loan.
Occupancy: Primary Residence
Transaction Type: Purchase
Property Type: 1-unit, detached, attached, condos
LTV: 97.01% to 100% for Community Experts, 97.01%-99% for Community Heroes
Max Loan Amount: $453,100
Minimum Credit Score: 740
Max DTI: 41%
Maximum term: 30 years fixed.
- All buyers must occupy the property.
- No other real estate may be owned by the buyer(s) at time of closing, including property retained for pending sale at a later date, regardless of equity in the current residence.
least one buyer on the loan must be currently employed at their full-time
position in one of the following eligible occupations:
Experts professions: Certified Public Accountants (CPAs), Chartered Financial
Analysts (CFAs), Ph. D.s, Architects, Certified Mortgage Bankers (CMBs) and
Actuaries with the following designations:
- Associate of the Casualty Actuarial Society (ACAS).
- Fellow of the Casualty Actuarial Society (FCAS).
- Associate of the Society of Actuaries (ASA).
- Fellow of the Society of Actuaries (FSAs).
- Member of the American Academy of Actuaries (MAAA).
- Member, Society of Pension Actuaries (MSPA).
- Fellow, Society of Pension Actuaries (FSPA).
- Community Experts professions: Certified Public Accountants (CPAs), Chartered Financial Analysts (CFAs), Ph. D.s, Architects, Certified Mortgage Bankers (CMBs) and Actuaries with the following designations:
- Community Heroes professions: Teachers, Firefighters, Police Officers, Emergency Medical Technicians (EMTs) and Paramedics.
- Employment documentation or other acceptable documentation is required verifying the buyer’s position. For example, the buyer’s position/designation may be identified in the paystub or VOE. If not identified on these documents, then copies of diplomas, certifications, licenses, etc. should be obtained.
- Employment and/or income starting post-close is ineligible.
- Student loan debt will be included in the total monthly obligations for qualifying purposes.
- Each buyer must have a valid credit score. A credit score is considered valid when a buyer has a minimum of three trade lines, each evaluated a minimum of 12 months, or two trade lines, each evaluated a minimum of 24 months. Trade lines may be open or closed.
- A minimum of two credit scores are required for each buyer.
- All bankruptcies, foreclosures, deed-in-lieu of foreclosures and short sales require 7 years’ seasoning.
- No judgments or charge-off accounts within the last 7 years.
Assets/Minimum Member Contribution
- No minimum member contribution required. Down payment may be satisfied by a gift/grant from an eligible donor.
- Gift/Grants allowed for a down payment, closing costs and reserves. If any funds are secured by a recorded mortgage, they are considered subordinate financing and are ineligible.
- Maximum 3% interested-party contributions (IPCs) are allowed toward eligible closing costs, not to exceed actual costs.
- IPCs, lender credits, gifts/grants and/or employer assistance cannot exceed cash required to close (no cash back to the member).
- IPCs and lender credits cannot satisfy the down payment requirement.
- Minimum 2 months’ reserves required.
- Interest-only, balloons, temporary buydowns, ARMs with less than a 5-year initial fixed-rate term.
- Subordinate financing (including Community Seconds® and Affordable Seconds®).
- Non-occupying co-borrowers.
- Non-permanent resident aliens.
- Construction-to-permanent loans and renovation loans.
- Second homes or investment properties.
- 2-4 units, manufactured housing, co-ops, properties not location within the 50 states or the District of Columbia.
For more information on this loan program, please reach out to your mortgage consultant.