CMP OVERVIEW AND OBJECTIVES
The Community Mortgage Program (CMP) aims to improve the living conditions of homeless and underprivileged citizens by providing them affordable financing with
which they can secure tenure on the land they occupy.
The CMP is a mortgage financing program which assists legally organized associations of residents of blighted or depressed areas to own the lots they occupy,
providing them security of tenure and eventually improve their neighborhood and homes to the extent of their affordability.
Below is a schedule of how much a prospective member-beneficiary can borrow from CMP:
· For onsite P400,000.00
· For horizontal housing P480,000.00 up to P580,000.00
· For vertical housing P600,000.00 up to P750,000.00
· For farmlot P350,000 + P50,000 Farmer Support Assistance
The loan may be used for land acquisition (Phase 1), site development (Phase 2), and house construction or home improvement (Phase 3).
The determination of final loan amount shall be subject to existing CMP guidelines. The CMP loan will bear 6% interest per year based on the outstanding balance and
will be payable over a maximum period of 25 years in equal monthly amortizations.
The processing of CMP loan applications will essentially involve due diligence verification by SHFC on the CMP loan application and the collateral. Upon acceptance of
complete documentary requirements, SHFC shall strive to devote no more than one hundred twenty (120) working days to complete the due diligence process from
CMP loan application to loan release.
CMP PROJECT CLASSIFICATION