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Homeownership Access Program

Tri Counties Bank can make your dream of homeownership a reality. The Tri Counties Bank Homeownership Access Program is a Special Purpose Credit Program1 designed to increase homeownership in historically disadvantaged communities. Approved customers receive a closing cost credit of up to 3% of the loan, up to $7,500. The credit can be used to cover closing costs or to pay for discount points in order to reduce your interest rate.

Anyone from any race or ethnicity is welcome to apply. To learn more, contact your Tri Counties Bank Home Mortgage Loan Specialist or call 1-877-822-5626.

 

Eligibility requirements:

  • The property must be in a designated majority Black and/or Hispanic census tract within the Tri Counties Bank assessment area. Call 1-877-822-5626 to determine if your property is eligible.
     
  • The property must be owner occupied.
     
  • The borrower’s income must be at or below 150% of the area’s median income.
     
  • This program can be used for home purchases and refinances.
     

Frequently Asked Questions

  • What are the property and income requirements of the Tri Counties Bank Homeownership Access Program?
    • The Tri Counties Bank Homeownership Access Program is a Special Purpose Credit Program that aims to increase homeownership in Black and Hispanic communities. The property must be in a majority Black and/or Hispanic census tract within the Tri Counties Bank assessment area and must be owner occupied. In addition, the borrower’s income must be at or below 150% of the area’s median income. The borrower will receive a lender credit of 3% of the loan, with a cap of $7,500. This can be applied to closing costs or as discount points to reduce the interest rate. The credit cannot exceed the borrower's closing costs. The program cannot be used with FHA, VA, USDA loan programs or a reverse mortgage.
       
  • Is the Homeownership Access Program only for Black and Hispanic borrowers?
    • No. This program is not based upon the borrower’s characteristics other than income. It is solely based on the demographics of the census tract of where the property is located. Any borrower who meets the income requirements will be eligible for this loan program.
       
  • How do I determine if I’m eligible for the Homeownership Access Program?
    • The property must be in the Bank’s assessment area and in a majority Black and/or Hispanic census tract. Please contact a Tri Counties Bank Home Mortgage Loan Specialist to determine if the property address is eligible.

  • Is this loan program illegal discrimination and is it legal under fair lending laws?
    • This is a Special Purpose Credit Program and it is legal under the Equal Credit Opportunity Act (ECOA). Section 1002.8 of the act states that a Bank may extend credit to a borrower who meets a common characteristic of which may not have historically sought credit from the Bank or would have received credit under less favorable terms or have been denied credit. Furthermore, a Special Purpose Credit Program is in compliance with the Fair Housing Act according to commentary from HUD.
       
  • If I sell the home within a certain timeframe, do I owe the credit back to Tri Counties Bank?
    • No. The Tri Counties Bank Homeownership Access Program provides a lender credit. This is not a loan.
       
  • Will the lender credit impact my income?
    • No. The lender credit will be deducted from the closing costs.

 

All loans are subject to credit approval and program requirements. A specific applicant race and ethnicity is not required for the loan program.

 

 

1 A loan program designed to meet the credit needs as specified under Equal Credit Opportunity Act (ECOA) and Regulation B.
https://www.fdic.gov/news/financial-institution-letters/2022/fil22008.html
 

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