QUAKERTOWN, PA — QNB Bank, a division of QNB Corp (OTC Bulletin Board: QNBC) announced this week that it is committing $3 million of first mortgage funding to low-to-moderate income individuals through its QNB Housing Opportunity Program.
QNB’s Housing Opportunity Program offers low-to-moderate-income borrowers relaxed lending guidelines when purchasing a primary residence in Bucks, Montgomery, and Lehigh Counties. Some program features include 100% financing based on the lower of the purchase price or appraised value, no origination fee, credit scores below conforming, and slightly higher debt-to-income ratios to help more borrowers qualify. To ensure borrowers are prepared for the financial responsibilities and success in their lending experience, homebuying counseling is a program requirement.
“Our goal is to help as many individuals as possible qualify for home mortgage loans to build better communities,” stated David W. Freeman, President and CEO. Continuing, “We have developed this program to push beyond traditional conforming loans because this is the right thing to do.”
April Donahue, Senior Vice President of Retail Lending, added, “we work with all borrowers to offer exceptional mortgage lending support and personalized attention through the home mortgage process. We found people in our communities prepared to buy a home who would not otherwise qualify under traditional underwriting guidelines. Our program helps low-to-moderate income individuals with their mortgage needs.”
For more information and detailed QNB Housing Opportunity guidelines, visit qnbbank.com/hop.
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