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Community lending loans
Homeownership shouldn’t feel out of reach. That’s why our community lending loans help diverse home buyers, including low-to-moderate-income families and first-time home buyers, get the keys to a place they can call their own. Explore these flexible types of home loans that can make owning a home more achievable.
Fixed-rate mortgages
Fixed-rate mortgages offer stability with consistent monthly payments over 10-, 15-, 20-, or 30-year terms. Their predictability makes budgeting easier, especially for long-term homeowners using locked-in rates to plan for the future.
Low-income home loans
Eligible borrowers can use HomeReady ® or Home Possible® loans that offer low-down payment options, flexible credit requirements, and reduced mortgage insurance costs. These empower more people to step into homeownership with confidence.
Adjustable-rate mortgages
A 7/6 or 10/6 adjustable-rate mortgage (ARM) might make sense for those who want lower initial payments. These loans offer a fixed rate for the first 7 or 10 years, followed by rate adjustments every six months. They’re ideal if you plan to move or refinance before the fixed term ends.
Save on homeownership
AmeriSave’s Community Lending Program makes buying a home in an eligible area more affordable. This program’s competitive interest rates, reduced fees, and flexible loan terms are designed to make homeownership accessible and strengthen the communities we serve.
Select communities
Community loan programs empower homeownership in target areas.
Low interest rates
A community loan can help secure a competitive interest rate for your mortgage.
Reduced closing costs
Community loans’ closing cost credits provide savings on home mortgage costs.
New or repeat buyers
Certain loan types are available to both first-time and repeat buyers.
How to use our program
1 Connect with a lender
Start by working with a lender like AmeriSave who understands Community Lending Programs. They’ll help match you with the right mortgage loan options and explain how to maximize their benefits to meet your homeownership goals.
2 Determine eligibility
Eligibility for these loans depends on factors like income limits, home location, credit score, and a homeownership education course. Your lender can walk you through the requirements for your area.
3 Get prequalified
Get preapproved for community lending loans by providing proof of income, employment history, and credit details that impact your credit score and mortgage rates. This can help determine your budget and strengthen your position when making offers.
4 Find your home
After determining your budget and getting approved, work with a real estate agent familiar with Community Lending programs to find a home in eligible areas. Their expertise can help you take full advantage of savings and benefits.
5 Make an offer
When you’re ready to make an offer, remember that some community lending loans include down payment and closing cost assistance. That can help [SA1] make your offer more competitive and reduce upfront expenses.
6 Finalize your loan
Once the seller accepts your offer, AmeriSave [SA1] guides you through the final steps of securing the community lending loan, including underwriting, coordinating a home appraisal, and finalizing paperwork, before you officially close and get the keys to your new home.
Frequently Asked Questions
Who qualifies for a Home Possible® loan?
Borrowers with incomes at or below 80% of the AMI may qualify for a Home Possible® mortgage. You may also qualify if you require a non-occupant co-borrower to help support your loan application.