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COMMUNITY ADVANTAGE LOAN PROGRAM

Our Community Advantage Loan Program is designed for homebuyers purchasing or refinancing their primary residence in the designated Program Area1 within Essex, Morris, Somerset, Sussex and Union counties.

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30-Year Fixed Community Advantage

6.125%Rate  |  6.180%APR*

 

Features

  • A fixed interest rate for the entire term of your loan
  • Down payment as low as 5%
  • No Private Mortgage Insurance (PMI) expense paid by borrowers
  • No income limitations for borrowers
  • Additional Special Rate Discount** of .25% for loans in a low-income census tract within the Program Area1

Plus, certain approved borrowers for a Community Advantage Loan may be eligible for our Community Advantage Subsidy2 which offers $5,000 towards closing costs or down payment expenses.

 

Community Advantage Loan Program Interest Rate Annual Percentage Rate (APR) Monthly Principal & Interest Payment Amount*
  6.125% 6.180% 360 equal and consecutive monthly payments of $1,974.73*
**Low Income Census Tract in Program Area1 5.875% 5.804% 360 equal and consecutive monthly payments of $1,896.61*

1Program Area: Community Advantage Loan is available in the following counties in NJ: Essex, Morris, Somerset, Sussex and Union counties in designated Majority Black and Hispanic Census Tracts (MBHCT). To see if your property is in a low income census tract or MBHCT area visit: https://www.huduser.gov/portal/qct/screen2.html

2Borrower has option of applying the Subsidy to the down payment or closing costs. Community Advantage Subsidy is available to income-qualified borrowers for the purchase of the borrowers primary residence located in the Community Advantage Loan Program Area.

*Annual Percentage Rate (APR) effective as of 11/4/2024 and subject to change anytime. Community Advantage assumptions and disclaimers for rates and payment examples are based on: $325,000 loan amount, a minimum credit score of 620, 95% LTV, purchase of the borrower’s primary residence, single family detached property, first lien mortgage. Principal and interest payments do not include taxes or insurance. Actual payment obligation may be greater. Maximum loan amount is $766,550. Borrowers may be required to complete an accredited home ownership course to qualify. Subject to credit approval. Other financing options are available for 2-4 family properties under the Community Advantage Loan Program, ask your Provident Mortgage Representative for more details.

Lender NMLS #645602

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