MCT Community Advantage Lending

Resources

• Learn about Pre-Qualification
• Mortgage Calculators
• Opt-out of Credit Bureau Marketing

Community Advantage Home Mortgage Loans

MCT’s Community Advantage Home Mortgage Loan is designed to help low-to-moderate income individuals with flexible financing options to make obtaining a mortgage more accessible. Different from other conventional mortgages, MCT’s Community Advantage program offers more lenient credit and income guidelines.

Household Eligibility:

• First time homebuyers
• Credit Score of 660 or greater
• Debt-to-income ratio of 45% maximum
• Meets income eligibility requirements ³
• Property purchased must be borrower’s primary residence
• Complete a home buyer counseling course through Fannie Mae

Program Features:

• $250 servicing and underwriting fee
• Minimum 3% down payment required
• 30-year fixed mortgage term
• Escrow of taxes and insurance required

NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. All home lending products, including mortgage, home equity loans and home equity lines of credit, are subject to credit and collateral approval. Not all home lending products are available in all areas. Hazard insurance and, if applicable, flood insurance are required on collateral property. Actual rates, fees, and terms are based on those offered as of the date of application and are subject to change without notice. Mortgage and Home Equity Lending products offered by Mauch Chunk Trust Company are not FDIC insured or guaranteed. This program may be discontinued at any time and by MCT’s discretion.

MCT Community Advantage Mortgage Loan is a rate discount program provided as a permanent rate reduction that will be reflected in the Promissory Note interest rate. Interest rate discount is not combinable with any other offers.

To apply for a Community Advantage Mortgage loan, you must:

• Be 18 years of age or older
• Borrower’s annual income must not exceed specified amounts. ³
• Agree to provide additional personal and business information, if requested, such as tax returns and financial statements
• Certify that all information submitted in the application is true and correct
• Authorize the bank and or a credit bureau to investigate the information on the application

¹ Loan-to-value ratios apply only to loans secured by owner-occupied real estate.
² Subject to credit approval.
³ To qualify for the Community Advantage Mortgage rate discount program, the borrower’s total annual income can not exceed 80% of the specified County annual income threshold according to the Census Bureau. Carbon County low-to-moderate annual income threshold is $81,400. Schuylkill County low-to-moderate annual income threshold is $65,120.
⁴Consult your tax advisor regarding the deductibility of interest.

Property insurance is required. Flood insurance may be required. MCT’s Community Advantage is not affiliated with any government agencies.

Community Advantage Home Equity Loans

Features
MCT’s Community Advantage Home Equity Loan provides a permanent interest rate discount available for owner-occupied homes in qualifying communities, selected for their economic and demographic makeup.⁷

• No origination fee
• Fixed rate, one-time distribution loan
• Borrow up to 80% of your home’s appraised value across the combined balances of all loans ⁷
• Interest paid may be tax-deductible ⁸
• Maximum Debt-to-income 45%
• Potential 0.25% rate reduction off of MCT’s Home Equity Loan Rates at the time of application and location of primary residence.

Combined Loan to Value (CLTV)	Up to 80% CLTV 5
Eligible Collateral	Primary residence in designated communities.
Loan Amount	$10,000 up to $50,000
Interest Rate	Fixed
Term	5, 7, 10, 15 Years
Manage in MCT Online Banking	Yes

NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. All home lending products, including mortgage, home equity loans and home equity lines of credit, are subject to credit and collateral approval. Not all home lending products are available in all areas. Hazard insurance and, if applicable, flood insurance are required on collateral property. Actual rates, fees, and terms are based on those offered as of the date of application and are subject to change without notice. Mortgage and Home Equity Lending products offered by Mauch Chunk Trust Company are not FDIC insured or guaranteed. This program may be discontinued at any time and by MCT’s discretion.

MCT Community Advantage Home Equity Loan is a rate discount program provided as a permanent rate reduction that will be reflected in the Promissory Note interest rate. Interest rate discount is not combinable with any other offers.

To apply for a Community Advantage Home Equity Loan, you must:

• Be 18 years of age or older
• Live within the designated areas ⁷
• Agree to provide additional personal and business information, if requested, such as tax returns and financial statements
• Certify that all information submitted in the application is true and correct
• Authorize the bank and or a credit bureau to investigate the information on the application

⁵ Loan-to-value ratios apply only to loans secured by owner-occupied real estate.
⁶ Subject to credit approval.
⁷Not available in all areas. To qualify for the Community Advantage Home Equity Loan rate discount program, the collateral address for the loan must be in an eligible census tract within an eligible community. Ask us for details.
⁸ Consult your tax advisor regarding the deductibility of interest.