what is cra of 1977 and is there a refund for those qualify?

Question

this is suppose to meet the credit needs of the communites in which they operate. it is suppose to be 1.5% of your loan amount of your house.

Answer 1

It is the Community Reinvestment Act of 1977. Under this law, banks must reinvest in those communities in which they take money. In other words, banks need to make loans to lower income borrowers and in lower income neighborhoods.

Under this law, banks and lenders have been forced to create programs to reach out to underserved neighborhoods. These loans come in many varieties and programs. But there is no automatic rebate or credit to you under this program.