Before you close escrow there is one thing you must do before you buy or refinance. That one thing is to find out if your home is located in an identified census tract. This is done through The Community Enrichment Program. The Community Enrichment Program is a strategy to leverage available housing programs, loan products, and targeted messaging to promote homeownership, particularly in historically underserved communities.
Community Enrichment Program
Here are the requirements to be eligible for CEP:
● Home must be a primary residence
● Property type is 1-4 unit, Condominium, PUD
● Purchase, Rate & Term Refinance, Cash Out Refinance
● All Conventional and Government loan programs qualify except Jumbo and High Balance
● Property type is 1-4 unit, Condominium, PUD
● Purchase, Rate & Term Refinance, Cash Out Refinance
● All Conventional and Government loan programs qualify except Jumbo and High Balance
So, what exactly is the benefit offered by the CEP?
We have identified a number of census tracts that will receive an attractive pricing incentive. Pricing incentive refers to the price for the interest rate attached to the loan. Borrowers who purchase or refinance a home located in a designated underserved community will receive a pricing incentive of:
.75% on Government loan programs
.50% on Conventional loan programs
To find out if your home qualifies click my name below.
Price Incentive Expert
858-863-0264
