Providing Access to Secure Ownership
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)