QNB Housing Opportunity Program
QNB's mortgage program for individuals with low-to-moderate income*
QNB is here to help.
Our Housing Opportunity Program is designed to help low-to-moderate income individuals with flexible financing options to make obtaining a mortgage more accessible. Different from other conventional mortgages, the program offers more lenient credit and income guidelines with no down payment and no origination fee.
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- Household income must be 80% or less of the area median income*
- Credit score of 600 or greater
- Debt-to-income ratio of 48% maximum
- Property purchased must be borrower's primary residence
- Complete a home buyer counseling course through an approved counseling agency
- No origination fee
- No down payment required
- 100% financing based on appraised value or purchase price, whichever is less
- 30-year fixed** or 30-year adjustable-rate*** mortgage terms
- Maximum loan amount of $300,000
- QNB interest rates available upon request
- Escrow of taxes and insurance
- Two months mortgage payments in reserve savings
- Closing costs may come from your savings or documented gifted or grant funds
Our mortgage officers are here to help homebuyers fulfill their dreams. To learn more, contact us today!
*Bucks and Montgomery County low-to-moderate annual income threshold is $84,320. Lehigh County threshold is $72,480. Median income source: HUD Median Family Income Documentation System information is available at https://www.huduser.gov. Program not affiliated with any of the government/state agencies.
**30-year fixed interest rate: The monthly payment per $100,000 borrowed at an Annual Percentage Rate (APR) of 6.750% for 360 months would be $648.60. Payment example does not include taxes and insurance, total payments will be higher. APR is fixed and will not change for the life of the loan. No balloon payments required.
***30-year adjustable-rate mortgage (ARM) loans are variable rate loans with an initial fixed-rate period for the first 5, 7, or 10 years. Rates and payments may increase during the life of the loan. For example: For a $100,000 loan amount with a 30-year term at an interest rate of 6.000%, APR of 6.487%, would result in an initial estimated monthly payment of $599.55 for the first 10 years, and for years 11-30 monthly payments would be $656.97 (based on the current Index plus Margin). After the 10-year initial period, the variable interest rate and payment will adjust every year and equal the total of the current CMT 1-Year Treasury index (5.06% as of March 03, 2023) plus a margin of 2.25%; rounded to the nearest 0.125%. The maximum periodic change in the interest rate is 2.00% with a maximum rate increase of 5.00% above the initial interest rate.
Property insurance is, and flood insurance may be, required. This program may be discontinued at QNB’s discretion. All loans are subject to credit approval.