NBT Bank will be offering its Home in the City program in Glens Falls and is partnering with the Affordable Housing Partnership of the Capital Region (AHP) to assist first-time homebuyers.
“Through our partnership with AHP, NBT’s Home in the City mortgage loan program encourages first-time homebuyers to obtain homebuyer education and determine if they qualify for available down payment and closing cost assistance grant programs,” said Andrew Leo, NBT residential mortgage sales manager.
“They will also have an opportunity to meet with an NBT Bank loan originator who will work with them to determine the maximum amount of a home mortgage they qualify to finance and help them apply for a Home in the City loan,” he said.
The loan program provides:
• 95 percent financing for the purchase of a one or two-family, owner-occupied residence for borrowers with a household income up to 120 percent of the HUD Area Median.
• An interest rate reduction of 0.25 percent for eligible first-time homebuyers who complete homebuyer education classes.
• No mortgage insurance or additional monthly payments are required.
Leo said participants may complete a homebuyer education class through AHP. The classes help prepare them for the responsibilities of home ownership and cover topics like home maintenance, how to select a realtor and mortgage lender and credit and debt management.
AHP Director Susan Cotner thanked the bank for its support saying, “We are very excited to partner with NBT Bank to provide assistance to first-time homebuyers in Glens Falls. Combining NBT Bank’s Home in the City program with down payment and closing cost assistance and homebuyer education will help prepare buyers for successful homeowner ship.”
For more information on the program, contact NBT Bank at 800-628-2265. To register for a homebuyer class, contact AHP at 434-1730 or visit www.ahphome.org.