Some fantastic Loan products for House Hackers in Central OH from Park National

[Michael K Gallagher]

Went to a mixer last night with a Lender I work with from Park National that I've closed a few "grant loans" with.  I found out (which I did not realize before) that Park National has a grant loan product that has no income limit, and works on up to 4 units.  The only requirement is that the building is in a majority-minority census tracked area.

I used to think the FHA house hack was the most powerful wealth building product out there, but if you can find a property in a qualifying area (which in Columbus are basically all the active investor areas) this is by far the best product I've come across and honestly has me thinking about making my wife move again lol!

I obviously can't speak to all the details as I'm not an LO but from what I understand (from their flyer) it's a conventional product, Park National keeps the paper and services the loan, it has no PMI, Is a 100% financed product, and comes with $15K to use for closing cost, rate buy down, or principal buy down depending on your situation.

There is a new top dog in the loan products for house hacking in my opinion, and the best part of it is that its local money, staying local and helping local people.  

[Remington Lyman]

Quote from @Michael K Gallagher:

Went to a mixer last night with a Lender I work with from Park National that I've closed a few "grant loans" with.  I found out (which I did not realize before) that Park National has a grant loan product that has no income limit, and works on up to 4 units.  The only requirement is that the building is in a majority-minority census tracked area.

I used to think the FHA house hack was the most powerful wealth building product out there, but if you can find a property in a qualifying area (which in Columbus are basically all the active investor areas) this is by far the best product I've come across and honestly has me thinking about making my wife move again lol!

I obviously can't speak to all the details as I'm not an LO but from what I understand (from their flyer) it's a conventional product, Park National keeps the paper and services the loan, it has no PMI, Is a 100% financed product, and comes with $15K to use for closing cost, rate buy down, or principal buy down depending on your situation.

There is a new top dog in the loan products for house hacking in my opinion, and the best part of it is that its local money, staying local and helping local people.  

Yeah. CRA programs are the way to go. Much better than FHA and you can save your FHA when there are no grant programs available