Do you own a home in Glens Falls, or are thinking about moving to the region? You may want to take advantage of new programs in place for first-time and existing homeowners.
NBT Bank has partnered up with the Glens Falls Community Development Office to offer an initiative to first-time homebuyers to settle down right here in Glens Falls.
“We’re really trying to stimulate the growth in the city,” Andrew Leo, Vice President and Residential Mortgage Sales Manager of NBT Bank, told The Post Star.
Several programs are currently available:
Home in the City Mortgage Program
The program is open to first-time homebuyers and current homeowners who are looking to move to the city.
Customers can borrow up to 95% of the value of the property. First-time homebuyers can use program grants or financial gifts from relatives or friends towards the 5% downpayment. The bank doesn’t require mortgage insurance under this program.
NBT Mortgage Program
This program is available to those earning up to 120% of the Department of Housing and Urban Development’s median income level, which is $78,552 for a family of four in Warren County.
Many housing programs are only available for those earning less than 80% of the median income, so this program offers an incentive to others to purchase a home as well.
Affordable Housing Partnership
Free credit counseling is being offered for anyone who might be having a problem with their credit. NBT offers 0.25% reduction in the interest rate for mortgage customers who complete the credit counseling.
The counseling is open to any city first-time homebuyer program participant, regardless of the bank financing the mortgage.
State Grant
In addition to the above programs, the city recently received a state grant to assist 10 homebuyers in Glens Falls and five elsewhere in the county. The grants can be put towards downpayments and closing costs.
The city is still taking applications for the grant. If you’re interested, give the Glens Falls Community Development Office a call at 518.761.8333.
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Sources:
- The Post Star: Working to boost homeownership in Glens Falls
