The Community Reinvestment Act, often referred to as CRA, is a federal law designed to encourage financial institutions to help meet the credit needs of the communities they serve.

This includes expanding responsible access to mortgage financing in low- and moderate-income neighborhoods.

While CRA itself is not a specific mortgage product, lenders participating in CRA initiatives may offer mortgage programs designed to support homebuyers purchasing homes located in eligible communities.

These programs may help expand access to homeownership through a variety of financing options depending on the lender and borrower qualifications.

Eligibility for mortgage opportunities connected to CRA initiatives is typically determined based on several factors including:

• The location of the property being purchased

• The borrower's income compared to the area's median income

• Occupancy requirements such as purchasing a primary residence

• Credit and underwriting guidelines of the lender

• Availability of mortgage programs offered by participating lenders

Some communities may qualify based on census tract income data, which identifies neighborhoods classified as low- or moderate-income areas.

Because program guidelines can vary, speaking with a mortgage professional is the best way to determine which options may be available based on your specific situation.