Many buyers are aware of both FHA 3.5 percent down loan and the USDA 100% financing loan. Both of these loans require upfront mortgage insurance fees as well as monthly insurance premiums that can really push up the monthly cost of their loan, which reduces purchase power.

An alternative loan available in our area is through PNC Mortgage, and it is called the PNC Community Loan. This loan offers:

• Low down payment: 3 percent down, and only 1 percent or $500 (whichever is lower) must come from the borrower

• Flexible criteria to qualify

• Options for multi-family properties

• Fixed rate only PNC Community Mortgages help buyers in certain area purchase a home that may not qualify with a traditional program, and it is ideal for first-time homebuyers.

There are income limits, as well as some limitations on where the property can be located. "PNC Mortgage is excited to be able to offer this valuable and unique product to our local market. We hope that it will help boost the local economy by helping new buyers achieve home ownership," said Pam Rocco, mortgage loan officer at the 34th Street Ocean City branch of PNC. Another positive advantage with the PNC Community Loan is the availability of receiving a PNC Grant. If buyers qualify, they may receive up to $1,200 towards closing costs or other prepaid costs. Buyers are asked to take an online homeownership education course before receiving the funds. Buyers may qualify for this credit if their income is under a certain amount or the home is located in a qualified community. Interested buyers can contact their local PNC branch mortgage loan officer to find out more.

Lauren Bunting is a licensed REALTOR®with Bunting Realty, Inc. in Berlin.

Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.