PrimeLending, a subsidiary of PlainsCapital Corp., has created a program aimed at providing closing cost assistance for underserved communities.
The Neighborhood Closing Cost Assistance Program will provide eligible homebuyers up to $1,500, according to a May 11 news release. Loan types in the program include conforming, conventional, FHA and USDA programs.
To qualify for the help, the property must be located in a low- to moderate-income census tract or the would-be homeowner's income must fall lower than 80% of the area median income for the property.
The Dallas-based residential mortgage originator said the program will end once funds are depleted, but did not specify in the press release how much money had been allocated to the program.
