Hope&Home

Mortgage Financing Program: Qualified borrowers must meet eligibility requirements including, but not limited to, being owner occupants and meeting certain qualifying income limitations depending on the geographical area of the home being purchased. Loan must be for the purchase of a primary residence, up to two units.  First-time homebuyer status is not required; however, applicants may not currently own another residential property unless it is under contract for sale.  Gifts and grants acceptable up to a max of 105% Combined Loan to Value (CLTV). Borrower must complete four hours of Homebuyer’s Education or Counseling required through a HUD Certified Organization for at least one borrower.  Escrow of taxes and insurance are required. Relationship discount offered by the bank is not applicable for this program.  The current monthly payment for a $250,000 fixed rate mortgage for 30 years with 100% Loan to Value (LTV), a credit score of 685 and a 7.696% APR, is a monthly payment of $1,705.44 with a monthly mortgage insurance payment of $97.92.  The current monthly payment for a $250,000 fixed rate mortgage for 30 years with 97% Loan to Value (LTV), a credit score of 685 and a 7.593% APR is a monthly payment of $1,705.44 with a monthly mortgage insurance payment of $70.83.  APR is annual percentage rate.   Loans subject to credit and mortgage insurance approval.  Subject property must be located within C&N Bank’s lending assessment areas.  Contact a lender for applicable counties.  Citizens & Northern Bank may change or discontinue the Home & Home Program or any portion of it without notice.  Not available with all loan products, please ask for further details.   

Grant Program: Qualified borrowers must meet eligibility requirements including, but not limited to, being owner occupants and being first-time homebuyers (no homeownership of a principal residence in the past three years).  This includes eligibility under applicable exceptions, including a single person who has only owned with a former spouse while married, or a borrower who has only owned a non-compliant or non-permanently affixed property.  Loan must be for the purchase of a primary residence, up to two units.  Qualified borrowers must also meet certain qualifying income limitations depending on the geographical area of the home being purchased. The Hope & Home Grant Program is a lender credit, not to exceed the lesser of the closing costs or $5,000.  Program funds can only be used for closing costs including but not limited to, third party fees required by the bank, loan origination fees, title insurance, recording fees, prepaid items, property taxes, insurance, and in certain situations, discount points may be used to lower the interest rate.  The grant cannot be applied toward down payment, real estate commissions or miscellaneous real estate agent fees.  Borrowers cannot receive program funds as cash back.  Repayment is not required for the grant.  Borrower must complete four hours of Homebuyer’s Education or Counseling required through a HUD Certified Organization for at least one borrower.  Maximum income and loan amount limits apply.  Can be paired with other participating grant programs or financing provided the first mortgage is obtained through C&N, whether C&N serves as the lender or third-party originator.  No pre-reservations of grant funds.  Subject property must be located within C&N Bank’s lending assessment areas.  Contact a lender for applicable counties.  Loans subject to credit approval.  Citizens & Northern Bank may change or discontinue the Hope & Home Grant Program or any portion of it without notice.  Not available with all loan products, please ask for further details.