QNB Bank Announces 2023, $3 Million, Commitment through its Housing Opportunity Program

Rhea-AI Summary

Quakertown, PA (February 22, 2023) - QNB Bank announced a $3 million commitment to support low-to-moderate income individuals via the QNB Housing Opportunity Program. This initiative features relaxed lending guidelines, including 100% financing, no origination fees, and acceptance of lower credit scores. Borrowers must complete homebuying counseling to ensure they are financially prepared. This program aims to help more individuals qualify for home mortgage loans, fostering community growth. QNB Bank operates twelve branches in Bucks, Montgomery, and Lehigh Counties, offering various banking services.

Positive

• $3 million commitment to low-to-moderate income housing support.
• Relaxed lending guidelines to help more individuals qualify for loans.
• No origination fees and 100% financing options available.
• Program includes homebuying counseling to support borrowers.

Negative

• None.

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.

FAQ

What is QNB Bank's Housing Opportunity Program?

It is a program aimed at assisting low-to-moderate income individuals with relaxed lending guidelines for home mortgages.

How much funding has QNB Bank committed to the Housing Opportunity Program?

QNB Bank has committed $3 million to the Housing Opportunity Program.

What are the benefits of the QNB Housing Opportunity Program?

Benefits include 100% financing, no origination fees, and acceptance of lower credit scores.

Where does QNB Bank offer its Housing Opportunity Program?

The program is available in Bucks, Montgomery, and Lehigh Counties.

Is homebuying counseling required for QNB's Housing Opportunity Program?

Yes, homebuying counseling is a requirement for borrowers.