So, it’s your first time buying a home and you’re thinking about taking on a fixer upper. Where do you start?
Luckily, CARL can help. CARL, the Community Acquisition and Rehabilitation Loan, simplifies the financing process for borrowers who want to buy and rehab a home by combining mortgage financing and rehabilitation financing into one loan. CARL also assigns a construction adviser to each loan to help you finalize the scope of work, inspect the completed work, and with your approval, pay the contractor. Click here to find out more about CARL.
Also, if you’re a first-time homebuyer, you may be eligible for the First Front Door (FFD) program, which provides borrowers with a 3-to-1 matching grant, up to a maximum of $5,000. Several of the participating lenders in our CARL program are members of Federal Home Loan Bank of Pittsburgh and participate in the FFD program (to find out which CARL lenders participate in the FFD, reach out to Samuel at the contact information below). Prospective homebuyers interested in using FFD for CARL should visit www.firstfrontdoor.com to learn how to qualify and apply for FFD funding.
You do not have to be a first-time homebuyer to participate in the CARL program. However, you must be a first-time homebuyer and meet the eligibility requirements to qualify for the FFD Program. First-time homebuyers are also required to complete housing counseling by a HUD approved agency (e.g. NeighborWorks Western PA).
For more information, please contact Samuel K Su, PCRG’s Manager of Strategic Initiatives, at firstname.lastname@example.org or (412) 391-6732 ext. 210.