Centreville Bank Enhances Providing Access to Secure Ownership (PASO™) Residential Mortgage Loan Product for Low-to-Moderate Income Buyer
March 11, 2024
Centreville Bank Enhances Providing Access to Secure Ownership (PASO™) Residential Mortgage Loan Product for Low-to-Moderate Income Buyers
(WEST WARWICK, R.I.) March 11, 2024 – Centreville Bank announced enhancements to the PASO™ loan product that is designed to help low-to-moderate income (LMI) buyers in Rhode Island and eastern Connecticut purchase homes.The PASO™ product was originally launched in 2021 but has been redesigned to better support the unique challenges of today’s real estate market as inventory remains historically low and home prices have increased.
For eligible buyers, PASO™ offers a competitive fixed rate, 100% financing and potential to waive the need for private mortgage insurance (PMI). Other financing options are also available such as down payment assistance for those that qualify.
“Centreville Bank offers a full range of residential mortgage products that are designed to help customers make progress towards their goals of home ownership,” said Leland Merrill, executive vice president, chief lending officer. “Our hope is that the recent enhancements to the PASO™ product will make home ownership more attainable for low-to-moderate income buyers in this challenging market.”
For more information about PASO requirements, terms and current rates, as well as all of Centreville’s residential mortgage products please visit: https://www.centrevillebank.com/Personal/Lending/Mortgages
About Centreville Bank
Founded in 1828 and headquartered in West Warwick, Rhode Island, Centreville Bank is a full-service mutual bank with over $2 billion in assets and 21 locations throughout Rhode Island and eastern Connecticut. Centreville understands the unique financial needs of individuals, families and businesses and offers a wide range of personal banking and commercial banking products and services including checking accounts, savings accounts, CDs, money market accounts, mortgages, business loans and more. Centreville is committed to its employees and the communities it serves, always striving to help people make progress and achieve their financial goals. That is progress on purpose. Visit centrevillebank.com, follow us on Facebook, LinkedIn and Instagram, or come into a branch or office to learn more.