CitySmart Community Mortgage Program
And CitySmart Extended Mortgage for Refinancing
Our CitySmart Mortgage is a conventional long-term fixed rate mortgage for low- to moderate-income* residents of Miami-Dade, Broward and Palm Beach Counties who do not own any other property.**
Primary advantage: Up to 97% financing - that means just a 3% downpayment.
We can also help you by pre-qualifying your income for a CitySmart mortgage, to help you figure out what price home you can afford.
Other benefits include:
- No credit scoring or private mortgage insurance (PMI required).
- No restrictions on using grant money or gifts to help pay closing costs. You can even combine your CitySmart loan with any federal, state or local government-assisted programs (i.e., grants and low-interest loans) - including a second mortgage from the Miami-Dade, Broward or Palm Beach Housing departments.
- Less cash to close. CitySmart reduces or eliminates many of the closing costs.
- The security of conventional long-term fixed rate mortgage that does not change throughout the life of the loan.
- With a CitySmart mortgage, you may be eligible for our CitySmart Checking Account. Your monthly mortgage payment can be automatically deducted from this account at no extra charge, so you'll never have to worry about a payment being late. No minimums, no monthly maintenance charges (a minimal check printing fee is associated with this account).
MORE INFORMATION
CitySmart Extended Mortgage for borrowers who want to refinance out of high interest rate mortgages and lower their monthly payments.
- Conventional long-term fixed rate loan
- Offered to low to moderate income residents* of Miami-Dade, Broward and Palm Beach Counties who do not own any other property **
MORE INFORMATION
* Low to moderate income is based on a percent of the median family income for a metropolitan statistical area. The median family income is defined yearly by the U.S. Dept. of Housing and Urban Development. Your City National Banker will provide you with details.
**Other qualification requirements include current employment, a stable monthly income for the past two years, sufficient income to cover housing and other monthly expenses, and an acceptable credit history. Property purchased with the CitySmart Community Mortgage Program must be your primary residence, and you may not own another home. The home buyer must participate in and successfully complete an approved home-ownership counseling program. Property insurance is required. For a complete disclosure of specific terms, conditions and fees associated with the products mentioned above, please contact a City National mortgage loan officer.
