Home in the City Mortgage Program
Own A Home In Your City
Home ownership is possible with our special homebuyer program. Our Home in the City Program offers an incredible opportunity for first-time homebuyers and those looking to downsize to get an affordable mortgage. This program partners with select cities, real estate offices and non-profit organizations to offer additional support.
Some program features1 include:
- Low down payments
- No mortgage insurance
- Reduced interest rates
Own a home in your city with our experienced Mortgage Originators who are ready to assist you with reaching your goals of homeownership.
- 95% financing for a 1- or 2-family owner occupied residence.
- A 30-year mortgage will be offered with a fixed rate priced at .25% below our daily posted interest rate for first-time buyers.2, 3
- Maximum annual household income of 120% of local median household income for 2022.
- No mortgage insurance is required.
- The borrower must open an NBT Bank checking account and have the mortgage payment automatically deducted from that account.
- The borrower must establish an escrow account with NBT Bank. A deposit will be made to this account with each mortgage payment. The funds will be used to cover real estate taxes and insurance.
- The borrower must complete homebuyer counseling prior to closing and supply a copy of the certificate of class completion to NBT Bank.
1Offer subject to additional terms and conditions. Eligible properties are limited to those within designated city limits.
2EXAMPLE: The discounted rate on a 30-year fixed-rate mortgage of $60,000 for a first-time homebuyer completing the required education would be an Annual Percentage Rate (APR) of 4.304% and would result in 360 monthly payments of $290.79. Payments do not include amounts for taxes and insurance premiums. Actual payment obligations will be greater.
3EXAMPLE: The discounted rate on a 30-year fixed-rate mortgage of $60,000 for other qualified, but non-first-time buyers would be an Annual Percentage Rate (APR) of 4.558% and would result in 360 monthly payments of $299.57. Payments do not include amounts for taxes and insurance premiums. Actual payment obligations will be greater.
Loan Originators in the Communities We Serve
North Adams, MA
South Portland, ME