Special Purpose Credit Program (SPCP)
Terms for the Mortgage within the SPCP
- Parke Bank will finance up to 97% of the home (Minimally 3% Down Payment)
- No Private Mortgage Insurance (PMI) will be required
- The interest rates will coincide with Parke Bank’s conventional residential mortgage rates
Parke Bank Introduces New Mortgage Loan Program for Minority Communities in Philadelphia.
Parke Bank introduces the Special Purpose Credit Program (SPCP) for specified census tracts within Philadelphia, Pennsylvania. Below is a list of requirements to qualify as well as terms for this SPCP that Parke Bank is offering.
Qualifications for the SPCP
- The mortgaged property must be a Residential 1-4 property
- The property must be located within a majority minority census tract in Philadelphia, PA (Please contact us for information on approved census tracts)
- The loan must be for the purchase of a Residential 1-4 within these census tracts, no refinances
- The mortgaged property can be for a primary residence or an investment property
- The Borrower must be an individual and the title must be taken in the individual’s name
- Title cannot be taken in an entity
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