The Community Development Mortgage Program (CDMP)
Wells Fargo is proud to offer The Community Development Mortgage Program (CDMP). This program was designed to address many of the key consumer barriers to home ownership. The program offers many features and advantages in order to make homeownership more attainable for low-to-moderate income customers. Some of the features include:
• Less cash needed. Downpayment can be as low as 2%
• No mortgage insurance is required. This is a real benefit over FHA with monthly mortgage insurance.
• Help is allowed. Downpayment assistance from approved downpayment assistance programs and gift funds are allowed…No cash reserves are required.
• Less demanding credit and income requirements. This may help you get financing, even with a limited credit history.
• Income limits are waived in low to moderate income census tracts.
Homebuyer education classes are required because the goal of the program is to create successful homeowners. We want to put people in the right homes that enhance both their lifestyle goals and their financial goals. Budget management and home ownership basics are taught in these classes to assure that our customers are given every skill available to make their dream of homeownership a reality.
~ by KAREN BUCKLEY, Home Mortgage Consultant
318 39TH Ave SW, Puyallup, WA 98373
Visit Karen’s Website