CARL Info Session on August 27

 

If you’re interested in buying a fixer-upper and would like to learn more about a unique financing option, PCRG will hold an info session for the Community Acquisition and Rehabilitation Loan (CARL) on Thursday, August 27th from 6-7PM at 1901 Centre Ave., Suite 200 (food will be provided).With only a 5% down payment* and no private mortgage insurance, CARL allows borrowers to affordably buy and rehab the home of your dreams with one loan. The CARL program is offered in 25 census tracts in the City of Pittsburgh.At the info session, we will provide attendees with:

• the typical timeline for a CARL borrower,
• the key underwriting criteria,
• detailed program guidelines,
• available grant programs that can combine with CARL,
• contacts for participating lenders, and
• other helpful tips to go through this process.

The info session will conclude with a Q&A, but attendees are also welcome to stay after the event to ask individual questions.Please RSVP to Samuel Su at ssu@pcrg.org or (412) 391-6732 ext. 210 so that we have enough food and handouts for everyone.*Borrowers will have at least 5% plus closing costs in a down payment.  Borrower can have up to 6% of seller’s assist toward the purchase price of the home, but borrower must have at least 1.5% invested in the project.  The maximum loan amount is $300,000; but if the loan amount is greater than $233,000, the borrower will be required to provide equity greater than 5%