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I work in a poor urban area, and a few days ago my boss allowed a representative from a local Essex County PNC to speak about this PNC Community Mortgage Program. $500 down, no PMI, and the rep said you could buy a house anywhere in Essex County under the program.
Anywhere in Essex County? Immediately my BS flag went up. So, I asked the rep about this after the meeting, and told him about my dreams about buying a house in Livingston, Millburn, North Caldwell, Verona, and just about any other desirable Essex County town.
All of a sudden the story changed. Just like that,anywhere in Essex County became certain areas of Essex County. (I wonder which ones...) When I asked whether they had a similar program available in Bergen County, he said that he knew "pockets" of Teaneck were eligible under the program. (Again, I wonder which pockets...)
Information on this program is surprisingly sparse on the 'Net, but from the bit I could find, here's what I'm thinking this program actually is...
It targets people with low income and/or poor credit.
The only areas that qualify for such a program are run down, dilapidated, and generally places that most people wouldn't want to live.
The interest rate must be crazy to make up for a lack of PMI and down payment.
So is this program the what I fear it is, or will PNC actually help me buy that mansion I've always wanted in Short Hills for $500 down? Any information is greatly appreciated on this or any other decent first time home buyer programs
I work in a poor urban area, and a few days ago my boss allowed a representative from a local Essex County PNC to speak about this PNC Community Mortgage Program. $500 down, no PMI, and the rep said you could buy a house anywhere in Essex County under the program.
Anywhere in Essex County? Immediately my BS flag went up. So, I asked the rep about this after the meeting, and told him about my dreams about buying a house in Livingston, Millburn, North Caldwell, Verona, and just about any other desirable Essex County town.
All of a sudden the story changed. Just like that,anywhere in Essex County became certain areas of Essex County. (I wonder which ones...) When I asked whether they had a similar program available in Bergen County, he said that he knew "pockets" of Teaneck were eligible under the program. (Again, I wonder which pockets...)
Information on this program is surprisingly sparse on the 'Net, but from the bit I could find, here's what I'm thinking this program actually is...
It targets people with low income and/or poor credit.
The only areas that qualify for such a program are run down, dilapidated, and generally places that most people wouldn't want to live.
The interest rate must be crazy to make up for a lack of PMI and down payment.
So is this program the what I fear it is, or will PNC actually help me buy that mansion I've always wanted in Short Hills for $500 down? Any information is greatly appreciated on this or any other decent first time home buyer programs
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