The Neighborhood Connection™ loan programs provide affordable financing options for borrowers in low- and moderate-income census tracts. The programs offer borrowers up to 100% loan-to-value (LTV)1 financing to purchase or refinance7 the existing balance on their mortgage. In addition, the Neighborhood Connection™ Budget Booster™ allows up to 105% combined loan-to-value (LTV)1 financing for consolidating debt, home improvements and repairs.
Neighborhood Connection™ Home Loan2 – to purchase or refinance your home
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Eligible borrowers receive a $5,000 Neighborhood Connection™ grant toward closing costs and down payment on purchase of primary residence3
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Satisfactory employment history
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Program applies only to purchases of primary residences or to refinance7 the balance of your existing mortgage on primary residence
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Minimum FICO® score above 5804
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Borrow up to $431,251
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Home buyer education with select HUD approved agencies required for all borrowers
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Minimal late payment history acceptable5
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Fixed-rate product
Neighborhood Connection™ Budget Booster™ Loan2 – for consolidating debt, home improvements and repairs
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Minimum FICO® score above 5806
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No bank fees at closing
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Competitive interest rate, low monthly payments
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Minimum two tradelines or non-traditional credit
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Satisfactory employment history
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Fixed-rate product
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Minimal late payment history acceptable5
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Borrow up to $10,0006
Apply online for Neighborhood Connection loan programs">
Disclosures:
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Combined loan-to-value (LTV) ratio (including prior mortgages or liens).
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Borrowing limited to homes in low- and moderate-income census tracts located in the Kansas City and St. Louis areas. To determine if your property might be eligible, please contact your local Commerce Bank Mortgage Banker.
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Income restrictions apply. Application income must be at or below 80% of FFIEC Median Family Income to be eligible for Neighborhood Connection™ grant.
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Minimum credit score of 580 may be eligible for 97% LTV offer. Minimum credit score of 620 may be eligible for 100% LTV offer. Loans subject to credit approval.
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Not eligible if during the last 12 months you have had more than two 30-day late payments on non-housing related credit. May not have any late payments on rent or mortgage in last 12 months.
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Minimum credit score of 580 may be eligible for 100% LTV offer, with a maximum loan of $5,000. Minimum credit score of 620 may be eligible for 105% LTV offer, with a maximum loan of $10,000. Loans subject to credit approval.
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Loan program available for purchase or refinance. Grant applies to purchases only.
