Tempo Bank’s First
Time Homebuyers Program
Tempo Bank is offering first time homebuyers a 1/4% of 1%
mortgage loan rate discount on any of the conventional and conventional insured first
mortgages that Tempo has in its lending arsenal. To qualify for this discounted rate, the
home being purchased must be owner-occupied; within Tempo’s Effective Local Community; the
individual/individuals purchasing the home have never owned a single family residence;
have submitted a complete loan application under one of Tempo’s conventional first
mortgage programs; and have received credit, appraisal and underwriting approval.
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Underwriting guidelines for the First Time Homebuyer Program have been made more flexible
because the first time buyer generally devotes a higher percentage of income to basic
needs such as housing. This means that higher “payment to income” and
“total debt service to income” ratios are being used to help further the
qualification process. For more information about the qualification ratios, please contact
one of Tempo's mortgage specialists.
Tempo Bank’s Home
Buyer Pre-Qualification, Counseling and Education
Assistance Program
Tempo Bank, Trenton’s oldest, full service financial
institution, can make that special house your home. With our large variety of home
mortgage programs, our mortgage specialists are qualified to assist potential buyers in
finding a home mortgage best suited to their individual needs.
Home mortgage credit can be complex and often confusing for
even the seasoned home buyer. For this reason, Tempo offers free credit counseling and
education to all prospective buyers. With our flexible underwriting standards and low
downpayment requirements, the prospective buyer will leave better prepared to negotiate
the purchase of an affordable home. So, if you are thinking of buying a home and are not
sure what you can afford, see one of our mortgage specialists before you begin your
search. We can prequalify you to determine your home loan price range.
To participate in the Pre-Qualification, Counseling and
Education Assistance Program the individual/s must reside within or are relocating to
Tempo’s Effective Local Community. For
more information on these important programs, please contact one of Tempo’s mortgage
specialists.
Affordable Housing Grant Assistance
Program
Making Homeownership a
Reality!
Tempo Bank is pleased to announce that it is participating
locally in a
statewide program that focuses on providing up to $5,000 in financial assistance to qualified
households in Illinois that need help in meeting downpayment requirements and
costs associated with buying a home. First time and previous homeowners
are eligible. Borrower/s must make a $750
contribution toward purchase of home.
Tempo's Chairman and its
President and Chief Lending Officer both agree that qualified very low,
low and moderate income homebuyers aspiring to purchase a home but
lacking sufficient funds to pay for downpayment and costs may now qualify
for a grant designed to address this issue. Prospective homebuyers should contact an institution
residential lending specialist to see if they qualify for grant
consideration.
To qualify for grant consideration,
applicant aggregate
household income must be 80 percent or less than the area median family income adjusted
for family size. For example, to qualify the annual household income of a family of four
seeking to purchase a home within Tempo's Effective Local
Community
cannot exceed $52,700.
The grants are part of a program that was introduced in November 1996 by the
Federal Home Loan Bank of Chicago through an affordable housing program
administered by the
Illinois League of Financial Institutions and participating institutions
such as Tempo Bank.
Qualified households needing downpayment and cost assistance must apply
for home financing at Tempo Bank and qualify under Tempo's loan underwriting criteria.
Qualified households will be eligible to receive up to
$5,000 in subsidized
assistance for the acquisition of a owner-occupied one or two family dwelling.
The assistance provided is in the form of a 5 year forgivable grant.
Borrowers
may not apply directly to either the Federal Home Loan Bank of Chicago or the Illinois
League of Financial Institutions. Tempo Bank will sponsor and apply for the grants on
behalf of their borrowers. Grants are awarded on a first come first
qualified basis subject to the balance of uncommitted funds remaining in
the program.
For more information about the
grant assistance program or to locate a bank participating in the program
that is close to you, please go to the
Illinois League of Financial Institutions web site.
