SpencerBANK is pleased to announce the launch of its new Affordable First Time Home Buying Program. This fixed-rate mortgage product was designed to help make home ownership affordable for low to moderate income first-time homebuyers. The product is also available for first-time buyers looking to purchase property in qualifying census tract areas.
The Bank, which has designated $2 million per year for this program, is committed to assisting individuals and families looking to fulfill their dream of homeownership. “We are pleased to offer this affordable loan program to first-time homebuyers,” said K. Michael Robbins, President and CEO of SpencerBANK. “It is important that we offer a wide range of loan options to serve the needs of our community.”
The Affordable First Time Home Buying Program is available for the purchase of owner occupied 1-4 family properties and residential condominiums. The program offers numerous benefits to qualified borrowers including reduced down payment requirements, a discounted interest rate, zero points, no loan processing fee and a credit at closing of the mortgage insurance premium and appraisal fee.
To be eligible for this program, borrowers must be first-time homebuyers and must meet certain income eligibility requirements. If the property is located in a qualified census tract, different income eligibility requirements will apply. Homeownership counseling is required. For more information about this program, please call or visit us today.
Founded in 1871, SpencerBANK is an independent, mutual savings bank serving the residents, businesses, and communities of Central Massachusetts from offices in Spencer, Leicester, Rutland, Warren, and Worcester. Deposits are insured in full by a combination of the Federal Deposit Insurance Corporation and the Depositors Insurance Fund. The Bank is an Equal Opportunity Employer, Equal Housing Lender, and SBA Preferred Lender. For more information, visit online, on Facebook or call 800-547-2885.
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