Fulton Mortgage Company recently announced a new program that will make home ownership more accessible for many in the DC area.
The Fulton Bank Community Combo Program offers borrowers an 80 percent first mortgage combined with up to a 20 percent second mortgage, and up to 100 percent financing. This low- or no-down-payment program is an affordable option designed to meet a diverse range of financial and family needs—including homebuyers who have limited funds for a down payment or who face unique circumstances. The program applies to anyone interested in purchasing a primary residence, not just first-time home buyers.
The Fulton Bank Community Combo purchase mortgage offers:
- 80% First Mortgage combined with up to a 20% Second Mortgage* (*matching rate and term for both mortgages)1
- Up to 100 percent financing
- Competitive rates
For qualifying borrowers, no private mortgage insurance (PMI) is required, but homeownership counseling is necessary2. Also, depending on the city and county in which the property is located, income restrictions may apply3.
Fulton Bank NA. Member FDIC. Member of the Fulton Family. Subject to credit approval. 1Financing is based on the lower of either the appraised value (fair market value) or contract sales price. 2Must be provided by a HUD-approved housing counseling agency. Counseling fees are paid by the homeowner and will vary by location. 3Income restrictions apply to borrower's income only, not household income.
See other articles related to: Fulton Mortgage Company
This article originally published at https://dc.urbanturf.com/articles/blog/new-fulton-mortgage-program-offers-borrowers-100-percent-financing/17991.
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