Affordable Housing Programs

The No Closing Cost option is valid on most owner occupied, 1–4-family residential properties. Condominiums and single-wide mobile homes are not eligible for a no closing cost mortgage. Double-wide mobile homes are eligible for the no closing cost mortgage only if permanently attached to a foundation. Mobile home financing is not available in the state of Florida. ADDITIONAL “NO CLOSING COSTS” PRODUCT DISCLOSURE: “No closing costs” means no: origination fee/points; application fee; flood certification fee; credit report fee; appraisal fee or construction inspections (Construction Product Only); mortgage recording or e-recording fee; bankruptcy search fee, UCC fee, abstract update or title search fee; lender title insurance fee; tax service fee, bank attorney or closing fee; mortgage recording tax, mortgage recording fee, intangible tax, or documentary stamps. Should the no closing cost mortgage be closed or discharged within the first three years, the Bank may collect the third-party closing costs from the customer that were waived when the loan was opened. Other applicable fees/ charges, including documentary stamps, state tax on deed, deed stamps or deed transfer taxes are not mortgage closing costs and will not be paid by the Bank. Community Bank will not pay for a survey, nor any item that is ordinarily paid for by the seller. If a customer selects an attorney to represent him/her or elects to obtain owner title insurance, the customer is responsible for those attorney fees and owner title premiums. Property and hazard insurance are required and are the responsibility of the borrower. For mortgages with less than 20% down payment, private mortgage insurance (PMI) may be required and customer is responsible for PMI premiums.