Ridgewood Savings Bank announced the introduction of a newly expanded affordable mortgage product at all of its 35 branches throughout the New York metropolitan area. Designed for both first-time homebuyers and those who have owned in the past, this product features discounted fixed rates and lower down payments which enable more homebuyers to qualify.
Key features include:
►Available to those who currently do not own a home, even if they have owned in the past;
►Discounted rates for all products;
►Limited down payment of 1-3 percent, depending upon grants or gifts;
►Three percent down payment can be grant or gift, as long as FICA score is 740 or higher;
►If 95 percent financing or less, credit score can go down to 620;
►Maximum loan amount of $417,000 for all property types;
►Income limits according to area; and
►Available for a variety of terms, including 15- and 30-year fixed rate loans and Adjustable Rate Mortgages.
“There was a strong demand for the Affordable Mortgage Product that we offered in the past,” said Arthur Saitta, assistant vice president and residential business development officer at Ridgewood Savings Bank. “Now we have made it even more attractive and affordable, with terms that allow more people to qualify. Prospective homeowners do not need excellent credit to qualify—their score can go as low as 620 and we may still be able to help them fulfill their dream of home ownership.”
Saitta adds, “A unique feature of this product is that it provides such favorable options not just for first-time buyers, but also for those who previously owned—even if they just sold their former home the same day.”