Ridgewood Savings Bank has launched a new flexible home buying option for both first-time and repeat homebuyers.
Suited to those who can’t afford a large down payment, the product offers no application fee and features up to 97 percent financing for single family homes, condos, and co-op properties, and up to 95 percent financing for multi-family homes.
Non-traditional financing can also be applied to the down payment and to closing costs.
Anthony Simeone, EVP and chief lending officer, said, “This unique program adds flexibility for young homebuyers where disposable income and limited earning levels may not meet traditional requirements making buying a home more achievable.”
The bank has mortgage professionals available at each of its 33 branches to discuss the Affordable Mortgage programs as well as all other lending options, including discounted rates for qualified applicants.
“This new affordable lending program is a great option for many of the communities we serve,” said Leonard Stekol, Ridgewood Savings Bank’s president and COO. “It inspires homebuyers to be a part of the community they love and to enjoy the value of homeownership.”