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Paragon Bank Builds Community Wealth, Encourages Homeownership Through Mortgage Access Program

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September 09, 2021
Memphis, Tenn., September 9, 2021 – With affordability posing an obstacle to homeownership for many Mid-South residents, Paragon Bank (OTCBB:PGNN.OB) is investing in communities through its Mortgage Access Program, which helps make the dream of homeownership a reality for many Memphis and Shelby County residents.
 
We believe homeownership promotes wealth while helping to lift residents out of poverty and strengthen our neighborhoods,” said Chris Waggoner, Senior Vice President of Mortgage Banking at Paragon Bank. “The power of homeownership can transform communities, and Paragon is honored to be able to offer this program.”
 
Paragon’s Mortgage Access Program was created for first-time homebuyers seeking to purchase a primary residence. The program provides up to a 103 percent loan value -- meaning participants receive 100 percent financing for their homes, plus an additional three percent to pay for closing costs.
 
Homebuyer education is a required 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 identifying, purchasing and owning a home. Customers participate in courses to help prepare them for what to expect before completing the purchase of their first homes.

This loan program has no income limitations, and its maximum debt-to-income ratio is 45 percent. 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 must be located in a majority-minority census tract.
 
Learn more about the Mortgage Access Program here.
 
 
About Paragon Bank
Since its founding in 2005, Paragon Bank has maintained a solid focus on the community and customer service and in 2018 opened its full-service Oxford Banking Center. For 15 years, Paragon has delivered innovative products and financial expertise, convenience, and a deep understanding of what both businesses and individuals need from a bank, in order to provide solutions that make a difference. In the areas of business or personal banking, lending options or wealth management, Paragon delivers cutting edge technology, an experienced team and the most service-oriented staff of any community bank.
 
For more information about Paragon Bank, please call (901) 273-2900, the Oxford Banking Center at (662) 259-8306 or visit us online at www.bankparagon.com.
 
 
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Contact:
Aisling Maki, Senior Public Relations Account Executive
aisling@creativeinferno.com, (901) 278-3773

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