PASO™ Loan Program
Centreville Bank is committed to providing affordable access to home loans to all members of our community. Our PASO Providing Access to Secure Ownership™ loan program is designed to allow Low-to-Moderate Income (LMI) borrowers in Rhode Island, Eastern Connecticut and Bristol County, Massachusetts to realize their dreams of homeownership.
How to Qualify
Contact a member of our Residential Lending team today for full details or to learn whether you may qualify for the PASO™ loan program. Our experienced Mortgage Originators will work with you to understand your finances, assess your lending needs, and walk you through the process of applying for a PASO™ loan if you are eligible.
- Minimum FICO Score: 620
- Minimum Loan Amount: N/A
- Maximum Loan Amount: $350,000
- Maximum LTV: 97% LTV CLTV 105% (with a community 2nd or affordable 2nd)
- Maximum DTI: 43%
- Income Limit: Qualifying income is limited to 80% of Area Median Income as published by HUD for CT, RI, and MA.
- 3% down payment with a FICO score of 640 or higher
- 5% down payment if non-traditional credit or a FICO score between 620-640
- Requires mortgage insurance
Eligible Property Types
New Centreville Mortgages (cannot be an existing mortgage that is owned or serviced by Centreville Bank). Program applies to purchase or a rate/term refinance (cash out refinance is not allowed) of the borrower(s) primary residence for approved property types in Centreville Banks’ approved lending territory. Approved primary residence properties include the following: Single Unit Principal Residence; 2-4 Units Principal Residence; Warrantable (Condominium/Townhouse) Primary Residence; Planned Unit Development (PUD) Primary Residence.
- 8-hour HUD approved certificate program (required for 1st time homeowners)