WEST WARWICK – Centreville Bank has enhanced its Providing Access to Secure Ownership, or PASO, residential mortgage loan product, which is designed to help low-to-moderate-income, or LMI, homebuyers in Rhode Island and eastern Connecticut, the bank announced.
Originally launched in 2021, the PASO product has been “redesigned to better support the unique challenges of today’s real estate market as inventory remains historically low and home prices have increased,” the bank said in a news release.
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PASO offers a competitive fixed rate, 100% financing and the potential to waive the need for private mortgage insurance for eligible buyers, as well as down payment assistance for those who qualify, according to the release.
“Centreville Bank offers a full range of residential mortgage products that are designed to help customers make progress towards their goals of home ownership,” Leland Merrill, bank executive vice president and chief lending officer, said in a statement. “Our hope is that the recent enhancements to the PASO product will make home ownership more attainable for low-to-moderate income buyers in this challenging market.”
