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Mortgage FAQs: What is the Community One Mortgage Loan Program?

Posted on: April 15, 2021

Insights from Your Michigan Bank

Mortgage FAQsMichigan is home to more than 78,000 first responders, 209,000 educators, 436,000 healthcare professionals, and thousands of government and non-profit workers. To give back to those who serve our local communities, Level One Bank created a unique mortgage loan program called Community One.

We talked with mortgage experts at our banks in Ann Arbor, Grand Rapids, and Detroit about questions they receive about the Community One mortgage.

  1. What makes the Community One mortgage unique? The Community One loan program enables homeownership through a low down-payment on a fixed-rate loan with discounted closing costs and no mortgage insurance requirements.
    • Down-payment can be as low as 3.5%.
    • Loan amounts are available up to $300,000.
    • Private mortgage insurance (PMI) is not required.
    • Households of all incomes may qualify; there are no minimum or maximum income requirements.
  2. Who qualifies for the Community One Loan Program? We designed the Community One mortgage for first responders, medical professionals, government and non-profit employees, and school educators.
    • First responders include police, fire, rescue, EMT professionals.
    • Medical personnel include nurses, RNs, CRNAs, and PAs.
    • Government employees may be local, state, or federal workers.
    • Educators in public and private school districts and colleges may qualify.
  3. What other criteria must an applicant meet to qualify for a Community One mortgage?
    • The property must be in Michigan and serve as a primary residence (not a second home or vacation property).
    • The borrowers’ credit score must be at least 680.
    • Applicants may need to show proof of employment or professional certification.
  4. Can I get prequalified for the Community One loan program? Yes! Many banks in Michigan, including Level One Bank, offer a free, no-obligation prequalification for a mortgage. The prequalification process gives you an estimate of the amount you could borrow, making the search process for your new home much more straightforward. Also, prequalified financing helps home sellers recognize you're committed to buying a house which could provide additional leverage during negotiations.
  5. Mortgage FAQIs the application process for the Community One mortgage different from a traditional home loan? The application for a Community One loan is very similar to conventional mortgages.
    • You’ll need about 20 minutes to complete the online application. Information to have available includes:
      • Property information such as estimated purchase price (if applicable)
      • Your current and previous addresses for the last 2 years
      • Your employment history, including past and current roles
      • Estimates of your income, assets, and liabilities
      • Your current monthly housing expenses, such as rent or mortgage payments
      • The address and market value information for properties you currently own, including the most recent fees for taxes and insurance
      • Your real estate agents’ name, company, and phone number if you have one
  6. What else do I need to know?
    • Loans are subject to credit and application approval.
    • Underwriting is done locally.

Do you serve our community and want to buy a home? Whether it’s your first home, a house to accommodate your growing family, or a downsize, it’s time to partner with Level One Bank and apply for the Community One mortgage! Find a local mortgage banker to learn more and discover if the Community One mortgage program is right for you.

Thank you to the heroes who serve and support our communities every day.

Posted in: Your Home, Your Community, Your Life

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