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Rural Colonia Loan Program (RCLP)
CDCB partners with the Rio Grande Valley Multibank to provide a 20 year, 3.5%, fixed interest rate mortgage loan. Monthly payments start at $350, depending on the loan amount and include principal, interest, taxes and insurance. $60 downpayment 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 $9,000. |
3.5%, 20 year loan to homeowner. RGV Multibank repaid first 10 years at 7% interest rate, remaining to CDCB at 0%. |
50% of loan amount
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50% of loan amount
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$40,000 |
N/A. All applicants are qualified using disposable income guidelines
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$200 |
$51,000 |
- Own a residential lot in rural Cameron or Willacy County and have clear title to the property;
- Current on property taxes;
- Minimum of $700 gross monthly income;
- Consistent work history or steady income from other sources;
- Completion of Home Buyers Education classes
RCLP Underwriting Guidelines:
Rural Colonia Loan Program |
100% (may include all closing costs) |
$60,000 |
20 years |
3.511% |
Up to $7,500 |
Yes |
Up to $10,000 |
Single family residence |
Owner Occupied |
$60 |
Qualified Borrowers |
None. Disposable income based |
CDCB Guidelines |
None |
Required |
None |
Designated colonias and rural areas |
80% of below AMFI |
No |
N/A |
None |
RCLP Custom |
No |
Yes; No if demolition |
Standard and Customary |
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