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Affordable Housing Loan Program (AHLP)
CDCB partners with the Rio Grande Valley Multibank and the rural areas of Cameron County; to provide a 20 year, 5%, fixed interest rate mortgage loan. Monthly payments start at $350, depending on the loan amount and include principal, interest, taxes and insurance. No Down Payment is required and CDCB can refinance up to $7,500 on any balance owed on the lot for families.
Families buying lot or families desiring reconstruction of existing dilapidated home. Available only to families at 80% or below AMFI. |
Minimum equity of $2,500 required. Maximum refinance of $7,500. Average lot equity is $8,300. |
4.5%, 18 year loan to homeowner. RGV Multibank repaid first 15 years at 7% interest rate, remaining to CDCB at 0%. |
75% of loan amount 1996 - 2001 average $28,715 |
25% of loan amount 1996 - 2001 average $9,574 |
1996-2001 average $50,000 |
Housing and Expense Ratio 45%
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1996-2001 average $299.00 |
$60,000 |
- Own a residential lot in rural Cameron County and have clear title to the property;
- Current on property taxes;
- Minimum of $1000 gross monthly income;
- Consistent work history or steady income from other sources;
- Reasonable credit status;
- Completion of Home Buyers Education classes
AHLP Underwriting Guidelines:
Affordable Housing Loan Program |
100% (may include all closing costs) |
$75,000 |
18 years |
4.5% |
Up to $7,500 |
Yes |
Up to $10,000 |
Single family residence |
Owner Occupied |
$300 |
None |
45% |
CDCB Guidelines |
None |
Required |
None |
Rural Cameron County |
80% of below AMFI |
No |
N/A |
None |
AHLP Custom |
No |
Yes; No if demolition |
Standard and Customary |
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