Closing the Gap Loan
Ideal for when you need closing cost or down payment assistance
Finance Your First Home with Confidence.
The journey to homeownership just got easier. Our Closing the Gap Loan is a second lien mortgage designed to help you cover some of the costs associated with buying a home.
Program highlights:
- Up to 3% in closing costs or down payment assistance
- Funds can be used for both your down payment and closing costs
- The interest rate on your first mortgage will not change
- 0.125% rate discount when you make automatic monthly payments from your Atlantic Union Bank deposit account
- Fixed monthly payments of principal and interest
- First-time and repeat homebuyers can take advantage of this second lien mortgage product
- First mortgage must be originated by Atlantic Union Bank to qualify
To be eligible for the Closing the Gap loan, you must meet one of the following criteria:
- Purchase a primary residence located in a low or moderate income census, regardless of your income.
- Earn less than 80% of the Area Median Income (AMI).
The property purchased must be located in VA, NC, MD or DC.
Ready to connect with an expert?
Contact your Atlantic Union Bank Mortgage Loan Officer or choose an option below.
Want to calculate your monthly payment?
Use our Mortgage Loan Calculator
to see what you might pay monthly and an estimated payoff schedule. To see the advantages of contributing a little more to your monthly payments, check out our Mortgage Payoff Calculator
.
Disclosures
This is not a commitment to lend or extend credit. All loans, credit and collateral are subject to approvals. Terms, rates, data, programs, information and conditions are subject to change without notice. Not all loans or products are available in all states. Specific program restrictions may apply, so please consult your dedicated Mortgage Loan Officer for complete details. Eligible property types include single-family primary residences, agency-eligible condos/PUDs. Minimum qualifying FICO of 620; debt-to-income ratio up to 50%; no prior bankruptcies or foreclosures; no unpaid collections/judgments. The maximum loan amount is based on the lesser of the purchase price or appraised value of the property.
First lien payment example: on a $250,000 home with 97% financing and a 30-year fixed-rate loan at 6.50%, the monthly payment would be $1,580.17. The Annual Percentage Rate (APR) would be 6.636%. Second lien payment example: on a $250,000 home with 3% financing and a 30-year fixed-rate loan at 6.50%, the monthly payment would be $47.41. The Annual Percentage Rate (APR) would be 6.755%. These examples do not include an escrow account for taxes and property insurance; your actual payment will be higher. Loan fees are approximate and will vary based on information specific to your loan such as property location and settlement date.
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