Unlock Lower Interest Rates With This CRA Opportunity in Dallas
The Chase Community Classic loan is a unique program designed to help homebuyers in Dallas and across Texas secure a significantly lower interest rate—sometimes up to 0.50% to 0.75% lower than the standard market rate. But like all good things, there are a few requirements to qualify.
This program is part of the Community Reinvestment Act (CRA), a federal initiative that encourages banks to reinvest in specific neighborhoods. By offering lower interest rates for homes located in designated areas, lenders like Chase help make homeownership more attainable.
Let’s break down what you need to know.
What Is the Community Reinvestment Act?
The Community Reinvestment Act (CRA) is a federal requirement that banks must support lower-income communities by offering specialized financial products. These products are aimed at expanding access to homeownership in areas where economic growth is encouraged.
Through the CRA, programs like the Chase Community Classic Loan are created to offer better rates for homebuyers willing to purchase within targeted areas. Chase extends this program to third-party lenders like Mortgage Mark because they need the additional loan volume to meet federal reinvestment requirements.
In other words, this program allows us to help you—and, in turn, helps them.
Why Choose the Chase Community Classic Loan?
This program stands out for one main reason: lower-than-market interest rates on conventional loans.
If a typical interest rate is 7%, qualifying homes through this program might be eligible for rates as low as 6.25% or 6.5%. That drop can significantly lower your monthly payment and help you qualify for homes that might have otherwise been out of reach.
However, not every property qualifies.
Understanding Property-Specific Eligibility
The Chase Community Classic program is property specific, meaning it only applies to homes located in certain areas. These areas are mapped out according to their Area Median Income (AMI) levels.
To qualify:
- The property must be located in an approved CRA-designated area
- The borrower typically must earn 80% or less of the AMI for that location
Area Median Income levels vary from city to city. In Dallas–Fort Worth, for example, the AMI is different than in rural parts of West Texas. That means you could qualify in one neighborhood but not another—even within the same city. - If you’re unsure whether a property qualifies, the Mortgage Mark team can run the address through our system and confirm it for you.
Using the AMI Lookup Tool
If you want to do a little research on your own, Fannie Mae offers a helpful Area Median Income Lookup Tool. You can search by city or even enter a specific address to see if it falls within the qualifying guidelines. Always double-check with us.
These tools are a helpful reference, not the final word. We’ll confirm eligibility using our official pricing engine.
Where the Chase Community Classic Loan Works Best
In the Dallas–Fort Worth metro area, many neighborhoods qualify. Here are a few examples where we’ve seen success:
- Irving
- Farmers Branch
- South Dallas
- Mid Dallas
- Grand Prairie
- Arlington
The sweet spot for this program tends to be homes priced around $400,000 or less. It’s not designed for luxury properties or high-income borrowers, so you’re unlikely to find eligible million-dollar listings in this program.
Still, there are many great neighborhoods in North Texas where this program can apply—and we’re happy to help you find them.
Conventional Financing With Better Terms
The Chase Community Classic Loan is a conventional loan, meaning you’ll follow the standard process:
- Typical closing costs
- Standard seller concessions
- Traditional documentation
- Conventional mortgage insurance
You’re not sacrificing quality or jumping through extra hoops. You’re just accessing a better rate based on your property location and income level.
Chase Community Classic Loan Requirements
- Conventional loan structure
- Minimum 5% down payment
- Primary residence only (no second homes or investment properties)
- Typical mortgage insurance applies
- DTI up to 50%, depending on your credit profile
3%–9% in seller concessions, depending on down payment amount - Closing timeline: typically 30–45 days, due to double underwriting (Chase and CMG)
Expected Closing Timelines in Texas
Because this loan goes through two sets of underwriting—once with CMG and again with Chase—it typically takes a little longer to close than a standard loan. We recommend planning for a 30- to 45-day closing timeline.
We’ve closed many of these in under 30 days, but to be safe, we don’t advise trying to squeeze this into a 2- or 3-week turnaround.
Can You Go Directly to Chase?
You might be wondering if you can get this same program by walking into a Chase branch. The short answer is yes—but working with a specialized mortgage team like ours has big advantages.
Why Work With Mortgage Mark?
Here’s why clients across Texas choose Mortgage Mark:
- We work with Chase to offer the exact same interest rates
- We often provide a faster, smoother process than banks
- We handle these programs every day, not occasionally
- We deliver personalized service from real professionals like Krystal
Big banks are great at banking, but mortgage lending is all we do. We’ve helped countless Texas homebuyers access this exact program—and we’re proud to offer the same benefits without the red tape.
Even better, Chase relies on trusted lenders like us to fulfill their CRA quotas, so you’re getting the exact same product with potentially better service.
Getting Started With a Local Dallas Mortgage Team
The process starts with a preapproval. We’ll ask about your income, credit, and the types of homes you’re considering. If you’re already looking at a specific property, we’ll plug in the address and tell you whether it qualifies for the Chase Community Classic program.
Then we’ll run the numbers and show you side-by-side loan options, including:
- Standard conventional loans
- FHA or VA loans
- Specialty community lending programs
From there, you can compare total monthly payments, interest rates, and upfront costs to make the best choice for your goals.
Why Dallas Buyers Should Consider This Loan Program
For many first-time buyers or families trying to stay within a certain monthly budget, a lower interest rate can be the difference between qualifying and not qualifying.
The Chase Community Classic loan is a fantastic way to:
- Stretch your purchasing power
- Reduce your monthly payment
- Buy in a Dallas neighborhood you love
And best of all, it doesn’t require you to jump through hoops or deal with a lot of unknowns.
You still go through the standard mortgage process—with the added benefit of a better rate.
Let’s Talk Dallas Mortgage Options
If you’re curious whether a home you’ve seen qualifies or want to explore loan options, contact the Mortgage Mark team today. We’ll guide you every step of the way and make sure you’re getting the best value possible.
No pressure, no obligation. Just great information and trusted service.
When you think mortgage, think Mark.
Mark Pfeiffer
Regional Sales Manager
Loan Officer, NMLS # 729612
(972) 829-8639
MortgageMark@MortgageMark.com