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.  

Who is eligible?
  • 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.

Eligibility requirements

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.

Get Our Mortgage2Go App

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!
Get our Mortgage2Go App on Google Play Download our Mortgage2Go App on the App Store

FAQs

For contact information, including phone numbers, email addresses, and online inquiries, please visit our "Contact Us" page. You can also call us at 833-275-2228, or visit us at one of our locations. To find a location click here.


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.