The Neighborhood Connection loans 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 refinance the existing balance on their mortgage. In addition, the 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
-
Eligible borrowers receive $2,500 Neighborhood Connection grant toward closing costs3
-
Satisfactory employment history
-
Program only applies to purchases and refinancing of existing mortgage balance of primary residences or to refinance the balance of your existing mortgage
-
Minimum FICO score above 5804
-
Borrow up to $331,760
-
Home buyer education with select HUD approved agencies required for all borrowers
-
No late payments on any open accounts in last 12 months
-
Fixed-Rate Product
Neighborhood Connection Budget Booster Loan2 – for consolidating debt, home improvements and repairs
-
Minimum FICO score above 5805
-
No bank fees at closing
-
Competitive interest rate, low monthly payments
-
Minimum two tradelines or non-traditional credit
-
Satisfactory employment history
-
Fixed-Rate Product
-
No late payments on any open accounts in last 12 months
-
Borrow up to $10,0005
Apply online for Neighborhood Connection loan programs">
Disclosures:
- Combined loan-to-value (LTV) ratio (including prior mortgages or liens).
- 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.
- Income restrictions apply. Application income must be at or below FFIEC Median Family Income to be eligible for Neighborhood Commerce Grant.
- 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.
- 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.