Affordable Mortgage Program
Eligible borrowers have two financing options to choose from:
- Independent Bank Community Affordable Mortgage provides borrowers with purchase money for a home at a 30-year fixed rate, and up to 97% loan to value. Loan to value is the mortgage amount as compared to the home’s value or purchase price, whichever is less. There would also be no up-front mortgage insurance premiums and no monthly mortgage insurance requirements.
- Independent Bank Community Grant is a second financing option for customers that would be applied toward closing costs and up to $1,000 of the loan amount.