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The Community Acquisition & Rehabilitation Program (CARL)

The Community Acquisition & Rehabilitation Program (CARL) is an all-in-one mortgage and rehabilitation program offered through the URA, PCRG and local lenders.

The Community Acquisition & Rehabilitation Program (CARL) is an all-in-one mortgage and rehabilitation pilot program for borrowers offered through a partnership between the URA, the Pittsburgh Community Reinvestment Group (PCRG) and local lenders.

The URA provides a 15 percent guarantee on your bank loan so you do not need private mortgage insurance. The URA also provides rehabilitation technical assistance. Our URA Construction Advisors will review the home inspection, the contractor’s proposal and then approve all stage payments for rehabilitation.

The Details

  • Must be located in the attached targeted census tracts
  • No mortgage insurance
  • The interest rate is based on the Fannie Mae 30-year, 60-day mortgage rate plus 1 percent. Click here find the current rate.
  • 5 percent down payment
  • 6 percent of seller’s assist toward the purchase price
  • Maximum loan amount is $300,000. If the loan amount is greater than $233,000, additional equity will be required.
  • Rehabilitation amount must be at least $25,000 or 25 percent of the completed loan package.

Do You Qualify?

  • No income guidelines
  • Must be owner-occupied
  • Minimum credit score of 620
  • Front- and back-end ratios of 31/43
  • Home buyer classes required for first time home-buyers and those with a credit score under 700

How to Apply

For additional information on CARL and a list of participating lenders, please visit PCRG.

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