SCRANTON, PA (August 31, 2016) – NBT Bank Senior Vice President and Residential Mortgage Manager Joseph Culver recently announced the bank has partnered with NeighborWorks Northeastern Pennsylvania to assist first-time homebuyers in the City of Scranton.
Announcing the pledge Culver said, “Through our partnership with NeighborWorks, the NBT Bank Home in the City Program encourages individuals to obtain homebuyer education and determine qualification for down payment and closing costs assistance grant programs, then meet with a loan originator to determine the maximum amount of a home mortgage they qualify to finance.”
The loan program provides:
- 95% financing for the purchase of a one or two-family, owner-occupied residence for borrowers with a household income up to 120% of the HUD Area Median,
- An interest rate reduction of 0.25% for eligible first-time homebuyers who complete homebuyer education classes, and
- No mortgage insurance or additional monthly payments are required.
Participants may complete homebuyer education classes offered through NeighborWorks. 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 as well as credit and debt management.
NeighborWorks President and CEO Jesse Ergott thanked NBT Bank for its support of first-time homebuyers saying, “In our community, homeownership is a key ingredient to building the financial stability of individuals and our neighborhoods as a whole. NBT Bank’s Home in the City Program will help provide an affordable opportunity for many prospective first-time buyers to move forward with their dream of homeownership. Combining that with NeighborWorks’ counseling and education services will ensure that these same buyers are well prepared for the responsibilities of homeownership.”
For more information on NBT Bank’s Home in the City Program, contact NBT Bank at 800.NBT.Bank (800.628.2265). To learn more about first-time homebuyer education classes, contact NeighborWorks at 570.558.2490.
About NBT Bank
NBT Bank offers personal banking, asset management and business services through a network of 154 banking locations in six states, including New York, Pennsylvania, Vermont, Massachusetts, New Hampshire and Maine. NBT Bank and its parent company, NBT Bancorp, are headquartered in Norwich, NY. NBT Bancorp had assets of $8.6 billion as of June 30, 2016, and is traded on the NASDAQ Global Select Market under the symbol NBTB. More information about NBT Bank and NBT Bancorp can be found online at www.nbtbank.com and www.nbtbancorp.com. Equal Housing Lender.
About NeighborWorks Northeastern Pennsylvania (NWNEPA)
For more than 30 years, NWNEPA, a chartered member of the National NeighborWorks Network, has worked with community partners to revitalize and strengthen Northeastern Pennsylvania communities by providing homeownership and home-preservation services. NWNEPA has counseled homeowners on the brink of foreclosure, stabilized areas hard-hit by economic crisis through property rehabilitation, assisted neighbors through financial and homeownership education and counseling and created homeownership opportunities for modest-income families. More information about NeighborWorks Northeastern PA, is available online at www.nwnepa.org.
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