Country Bank Earmarks $10 Million to Support Affordable Housing
WARE — Country Bank has introduced a new affordable-housing program featuring no down payment for first-time homebuyers. The first-of-its-kind program will assist low- to moderate-income families in purchasing a home. Country Bank has pledged $10 million to the program to help make a difference for these first-time homebuyers.
This program is designed to help those who need it most by offering 100% financing for single-family homes or condominiums and 95% financing for two-family properties, with no down payment. In addition, the bank will cover 100% of the private mortgage insurance (PMI) that traditionally adds to the monthly payment, saving the borrower hundreds of dollars each month. This feature also gives the borrower more purchasing power by not having to pay the cost of mortgage insurance. Certain restrictions and locations apply for this program.
“Buying your first home can be very stressful, and not having the ability to save for a down payment prohibits many from purchasing a home, even when they can afford the monthly payment. We are very pleased to offer a program that will make a difference for so many homebuyers in our communities,” said Denise Walker, senior vice president of Retail Lending for Country Bank. “Owning your first home no longer has to be a dream; we have designed a program to help the dream of owning your own home become a reality.”
Country Bank’s mortgage experts can assist those interested in learning more about the program or who may be ready to purchase a home.
The no-down-payment, first-time homebuyer program is available until the $10 million commitment has been allocated. To learn more, visit www.countrybank.com/mortgages or a banking center, or call the Customer Care Center at (800) 322-8233.