Helps More Residents Achieve Dream
Ridgewood Savings Bank has announced the introduction of a newly expanded Affordable Mortgage Product designed for both first-time homebuyers and those who have owned in the past.
This product features discounted fixed rates and lower down payments which enable more homebuyers to qualify.
Key features include:
– available to those who currently do not own a home, even if they have owned in the past;
– discounted rates for all products;
– limited down payment of 1 to 3 percent for qualified borrowers; and
– 3 percent of the down payment can be a grant or gift.
For the Affordable Mortgage Product, specific income and asset qualifications apply. Visit www.ridgewoodbank.com and search under Lending to locate the name of a nearby Mortgage Consultant for more details. All loans are subject to credit approval and all loan terms and conditions are subject to change without notice.
“There was a strong demand for the Affordable Mortgage Product that we offered in the past,” says Arthur Saitta, assistant vice president and residential business development officer at Ridgewood Savings Bank. “Now we have made it even more attractive and affordable, with terms that allow more people to qualify. Borrowers do not need excellent credit to qualify-their score can go as low as 620 and we can still help them fulfill their dream of home ownership.”
Derek Singh recently secured an Affordable Mortgage with Ridgewood Savings Bank for a single family home in South Ozone Park, Queens.
“As a first-time homeowner, it was a great experience,” he said. “Ridgewood offered me the best rate and my mortgage consultant Eileen Cloherty was very helpful and knowledgeable. She made me feel comfortable throughout the process and it went very smoothly.”
Ridgewood Savings Bank’s Cloherty has more than 25 years of experience as a mortgage consultant.
Saitta added, “A unique feature of this product is that it provides such favorable options not just for firsttime buyers, but also for those who previously owned-even if they just sold their former home the same day.”
The program is open to current and new customers in Queens and all New York City boroughs and Long Island, as well as Westchester, Rockland, and Putnam counties. Ridgewood Savings Bank invites customers and interested borrowers to visit a local bank branch (www.ridgewoodbank.com/home/ab out/locations) and meet with a mortgage consultant to find out more about the advantages and details of the new Affordable Mortgage Product.
