Quakertown, PA, Feb. 22, 2023 (GLOBE NEWSWIRE) -- QUAKERTOWN, PA (February 22, 2023) QNB Bank. (the “Bank” or “QNB”) (a division of QNB Corp (the “Bank”), OTC Bulletin Board: QNBC) announced today that it is committing $3 million of first mortgage funding to low-to-moderate income individuals through its QNB Housing Opportunity Program.
QNB’s Housing Opportunity Program offers low-to-moderate-income borrowers relaxed lending guidelines when purchasing a primary residence in Bucks, Montgomery, and Lehigh Counties. Some program features include 100% financing based on the lower of the purchase price or appraised value, no origination fee, credit scores below conforming, and slightly higher debt-to-income ratios to help more borrowers qualify. To ensure borrowers are prepared for the financial responsibilities and success in their lending experience, homebuying counseling is a program requirement.
“Our goal is to help as many individuals as possible qualify for home mortgage loans to build better communities,” stated David W. Freeman, President and CEO. Continuing, “We have developed this program to push beyond traditional conforming loans because this is the right thing to do.”
April Donahue, Senior Vice President of Retail Lending, added, “we work with all borrowers to offer exceptional mortgage lending support and personalized attention through the home mortgage process. We found people in our communities prepared to buy a home who would not otherwise qualify under traditional underwriting guidelines. Our program helps low-to-moderate income individuals with their mortgage needs.”
For more information and detailed QNB Housing Opportunity guidelines, visit qnbbank.com/hop.
QNB Corp. is the holding company for QNB Bank, headquartered in Quakertown, Pennsylvania. QNB Bank currently operates twelve branches in Bucks, Montgomery, and Lehigh Counties and offers commercial and retail banking services in the communities it serves. In addition, the Company provides securities and advisory services under the name of QNB Financial Services through a registered Broker/Dealer and Registered Investment Advisor and title insurance as a member of Laurel Abstract Company LLC. More information about QNB Corp. and QNB Bank is available at QNBBank.com.
