At Paragon, we talk a lot about community. We know customers enjoy the level of technology and services offered by megabanks while also seeking the kind of care and respect they receive from friends and neighbors.

In the tradition of neighbors helping neighbors, we invest in the communities we serve. And one way we do this is through Paragon’s Mortgage Access Program. We want the dream of homeownership to become a reality for as many Memphis and Shelby County residents as possible. We believe homeownership promotes wealth while helping to lift residents out of poverty and strengthen our neighborhoods.

Paragon’s Mortgage Access Program was created for first-time homebuyers who are looking to purchase a primary residence. We provide up to a 103 percent loan value — meaning we’ll give participants 100 percent financing for their homes, plus an additional three percent to pay for closing costs. Paragon’s team partners with various down payment assistance programs throughout the city to further guide people throughout the home buying process.

Homebuyer education is an essential component of the Mortgage Access Program. A homebuyer education course is an online or in-person class designed to help prospective homebuyers better understand what’s involved in finding, buying and owning a home. We connect our customers with courses that help prepare them for what to expect before completing the purchase of their first homes.

This loan program also takes into account a debt-to-income ratio of 45 percent and does not have any income limitations. Debt-to-income ratio can be determined by taking monthly debt payments and dividing them by gross monthly income. Additionally, program participants must have a credit score of at least 600, and the property they’re purchasing must be located in a majority-minority census tract.

We’ve seen how the power of homeownership can transform our communities. Learn more about the Mortgage Access Program here.

Chris Waggoner is Senior Vice President of Mortgage Banking at Paragon Bank.