Ridgewood Savings Bank has announced a new flexible homebuying option for both first-time and repeat homebuyers. Ideal for those who cannot afford a large downpayment, this product offers no application fee and features up to 97percent financing for single-family homes, condos and co-op properties, and up to 95 percent financing for multi-family homes.
In addition to these features, non-traditional financing can be applied to the downpayment and to closing costs.
“This unique program adds flexibility for young homebuyers where disposable income and limited earning levels may not meet traditional requirements making buying a home more achievable,” said Anthony Simeone, EVP and chief lending officer for Ridgewood Savings Bank.
Leonard Stekol, Ridgewood Savings Bank's president and COO, said, "This new affordable lending program is a great option for many of the communities we serve. It inspires homebuyers to be a part of the community they love and to enjoy the value of homeownership.”