First-time home buyers and experienced homeowners in search of a more affordable mortgage plan may have found a solution.
Ridgewood Savings Bank announced the introduction of its newly expanded Affordable Mortgage Product on Friday, eligible to both new and veteran home owners.
Some of the plan’s features include limited down payment of one to three percent for qualified borrowers, discounted fixed rates for all products and the ability to give a three-percent down payment as a gift.
Those who don’t own a home, but have owned one in the past, are eligible for the product, as well.
Ridgewood Savings Bank Assistant Vice President Arthur Saitta said there has been a strong demand for the program.
“Now we have made it even more attractive and affordable, with terms that allow more people to qualify,” Saitta said. “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.”