Mortgages

No down payment required. No private mortgage insurance (PMI). City’s Champion Mortgage lets you save your cash – which comes in handy for that bathroom update or for furnishing your new place.

The Champion Mortgage features:

• No down payment
• No Private Mortgage Insurance (PMI)
• Low closing costs
• No pre-payment penalty
• Low rates

Fixed-rate mortgages offer the security of equal monthly payments throughout the entire life of your loan.

When choosing a fixed-rate mortgage, you never have to worry about your payment unexpectedly increasing if interest rates rise.

Benefits

• Little-to-no down payment
• $1,000 off borrower-paid closing costs
• Flexible credit score allowances
• No private mortgage insurance requirements
• .25% rate reduction compared to a conventional mortgage

Qualifications

• Must be a first-time homebuyer¹
• Minimum credit score of 620
• Minimum annual household income of $24,250
• Maximum annual household income of 80% of the median income in your area²
• Loans are only available for properties located in City’s designated service area
• The property must be a conforming, single-family primary residence. Condominiums are not eligible.
• Monthly escrow is required for homeowners’ insurance and real estate taxes

Building new? At City, you can find a smarter way to finance your dream home in today’s challenging market. With just one up-front closing, you can eliminate the cost of a second closing. And, with no private mortgage insurance, you can save even more each month.

Lock in your interest rate at closing – then, pay only interest on the loan during the construction phase. When your build is finished, the loan will convert to a 7-year, 5-year or 3-year adjustable-rate mortgage.

• One up-front closing
• Rate lock at initial closing
• Down payment as low as 20%
• Lot equity can serve as down payment
• Maximum loan amount based on the lesser of construction + lot costs or appraised value
• Interest-only payments during construction period
• 30-year amortization after initial construction period
• Construction loan fee of $2,500

Loan Requirements:

• Dwelling must be a single family, owner-occupied, detached home that will serve as the primary residence.
• Cash reserve requirements 15% – 30% based on contract specifications.
• Builder must be insured and licensed, if required by state.
• Construction must begin within 30 days of loan closing.
• Private well and septic inspections required.
• Termite soil treatment recommended but not required.
• Title insurance not required with satisfactory title certification.
• Funds when you need it. Sample draw schedule.

Prior to first draw, survey including new construction must be completed.

• 20% Foundation
• 20% Roof framed by paper
• 20% Rough ins (electrical, plumbing, HVAC)
• 20% Drywall install (with exterior vinyl/brick on)
• 20% Completion

City’s lot loan program allows you to secure land now. And, when you’re ready to build, the equity from your lot can be used as the down payment for your construction loan.

• 15-Year Term
• 11% Down Payment; 15% Down Payment on properties greater than 5 acres. Must appraise as residential
• 3/3, 5/5 or 7/1 Adjustable-Rate Mortgages available
• No Private Mortgage Insurance
• Low Closing Costs