Savings bank

Ridgewood Savings Bank participates in New York City program to help first-time homebuyers –

Ridgewood Savings Bank participates as a lender in the city-run HomeFirst Down Payment Assistance Program, which offers up to $ 100,000 down payment and closing costs to first-time buyers. house in New York.

Funded by the US Department of Housing and Urban Development, HomeFirst works with more than 20 local counseling agencies to help first-time home buyers find housing. First, these agencies help certify income to qualify and ensure consumers complete mandatory homebuyer training courses. Then lenders, like Ridgewood Savings Bank, help consumers with pre-qualified mortgages buy a one to four-family home, condominium, or co-op in the city.

The program has grown, doubling the amount of financial assistance available to first-time homebuyers to meet the city’s key goal of providing low-income New Yorkers with more housing options. .

Since the program began in 2004, HomeFirst has helped more than 3,000 homeowners across the city.

“For too long, there has been unequal access to home ownership, the biggest creator of wealth in this country,” said Vicki Been, deputy mayor for housing and economic development. “This critical HomeFirst expansion will serve to make New Yorkers more economically secure, our neighborhoods more stable, and a recovery for all of us more certain.”

Eligible applicants can earn up to 80% of Zone Meridian income or $ 86,000 for a family of three. HomeFirst participants must complete a Home Buyers Training Course, Save for the Purchase, and live in their home for up to 15 years to receive the full benefits of loan forgiveness under the program.

In addition to Ridgewood Savings Bank’s participation in this program, earlier this year the bank implemented Good Move Plus, an affordable mortgage product designed to make homeownership more accessible to families and individuals. Ridgewood Savings Bank also offers affordable options from the New York State Mortgage Agency (SONYMA).

“Ridgewood is very excited to be a part of HomeFirst and partner with advisory agencies to help qualified borrowers choose from our wide range of mortgage products,” said Anthony J. Simeone, Executive Vice President and Chief Loan Officer of Ridgewood Savings Bank.

For more information about the program, visit the HomeFirst eligibility site.

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