The Community Reinvestment Act (CRA) is a financing vehicle that came out of legislation that encouraged depository institutions to help meet the credit needs of surrounding communities. At the end of the CRA examination process, depository institutions receive one of the following ratings of performance: Outstanding, Satisfactory, Needs to improve, or Substantial Noncompliance. Pando Mortgage has taken the time to carefully evaluate each potential lender and has paired with lenders that are committed to helping borrowers qualify for these loans.
The property has to be identified as within a specific Assessment Area and have a designation of “Low” or “Moderate” To see if your property falls within the applicable area, please visit the map.
Financing is available for 1-4 unit properties as well as Condominiums (as long as they are FNMA/FHLMC approved)
A borrower can also use a CRA loan to Refinance and consolidate debt or pay off medical bills
Rental Income can be used to qualify; grants and Affordable Second/Community Seconds are permitted
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“We worked with Monica Moran and we were very happy with the experience from start to finish. She kept us informed of everything throughout the process and resulted in a successful closing on a short timeline.”
“I could not be happier with the service my wife and i received at Pando Mortgage. The Pando team made our home refinance quick and easy. Throughout the entire process Steve was up front with us, explained every detail, and delivered exactly what he promised. I highly recommend Pando to anyone who is in the market for a mortgage or refinance.”
“Pando Mortgage LLC was a great company to work with during my refinance! Stephen Rinaldi was constantly available to field questions (even on his days off) and was also constantly a pleasure to work with. I needed a quick refinance and he got it done in under 30 days. I have never been more impressed and would highly recommend using them!”
The primary purpose of the Community Reinvestment Act is to demonstrate that the bank is effectively working to meet the credit needs of its entire community, including low- and moderate-income neighborhoods in a safe and sound manner. CRA does, however, reinforce the long-standing expectation that financial institutions will serve the needs of their respective communities fairly and without bias. It’s important that you comply with both the letter and the spirit of CRA regulation.Get Started Now
Down payment can be as low as 3% for a 1 unit, 5% for 2 unit, 20% for 3 or 4 unit. The program allows a FICO of 630 and up; keeping in mind that the score is only one aspect of your credit file. As long as the 3% down payment requirement is met, seller contributions can be up to 6%.
We would need two years tax returns as well as the traditional items for a loan approval. This includes: paystubs, bank statements and W2s.
Unfortunately, the minimum contribution for the down payment has to come from your own funds and then gift funds can be applied.
Our mission at Pando Mortgage is to pair you with someone passionate, who will guide you through the mortgage financing process and be your advocate during one of life’s most important moments. We believe that the mortgage industry can do better; let us prove it to you!