Community Reinvestment Mortgage Program
A Mortgage Program to Make Home Ownership More Accessible for More People
We know that families are looking for a safe and comfortable home to call their own and to build wealth. We also know that the process of looking for that home and securing financing can be a challenging one.
With a little assistance, homeownership can become more accessible for people in our communities.
At Carter Bank, we help people to prosper by helping to meet the credit needs in the communities we serve. With up to 100% financing for qualifying participants, that means you can finance the entire purchase price of the home without making a down payment. You can also save money since there is no mortgage insurance requirement for the buyer. With these special features of the Community Reinvestment Act (CRA) Mortgage Program, we aim to make homeownership more accessible for more people.
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Individuals qualify based on their income and the area where they want to purchase a home. Our Mortgage Originators are happy to help you assess your eligibility.
The CRA Mortgage Program is available for primary mortgages only. Refinancing is allowed for up to 90% of the value of the home.
- The seller may contribute up to 3% of the closing costs
- The buyer must have a credit score of 720 or greater to qualify for 100% financing
- The buyer must have a minimum credit score of 700 to qualify for 97% financing
More information
To learn more, please contact one of our mortgage originators or visit one of Carter Bank's branches in Virginia and North Carolina.
Simplify the mortgage process with our helpful app.
- Real-time loan status updates
- Automated reminders when items are due
- Scan and securely send documents with your phone
- And much more!
FAQs
You can call Carter Bank at 833-275-2228, visit our official Contact Us page, or stop by one of our conveniently located branches in Virginia and North Carolina.
Related Resources
Check out our handy financial tools and resources.
Funds are limited and available on a first-come, first serve basis that meet qualifying guidelines. Funding opportunities are available for a limited time and may be discontinued at anytime without notice.
All loans are subject to credit approval.
Mortgage2Go is subject to additional terms and conditions.
Carter Bank is a full-service financial institution with locations throughout Virginia and North Carolina.