Aiming to help underserved borrowers buy a home, M&T Bank announced a new mortgage subsidiary program for certain minority neighborhoods in New Jersey, Connecticut, New York, Pennsylvania and Delaware.
According to M&T Bank, the program will allow qualifying homebuyers who are purchasing or refinancing properties in targeted neighborhoods to receive mortgage assistance that can exceed $10,000.
The program is available for purchasing or refinancing properties in U.S. Census tracts where more than 50 percent of residents are African-American and/or Hispanic, M&T Bank said.
The program is available in 12 New Jersey counties: Bergen, Burlington, Camden, Essex, Hudson, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset and Union, as well as in qualifying census tracts within specific counties in Connecticut, New York, Pennsylvania and Delaware.
According to M&T, if the buyer qualifies, the subsidy program can help the borrower in a number of ways, including:
- Contributing toward the down payment to purchase a house
- Buying down the interest rate of the loan
- Paying closing costs such as: mortgage insurance, recording fees, mortgage tax, appraisal fees, credit report fees, title insurance, title search fees, home inspections, counseling fees, tax and insurance escrow reserves and other costs
“Purchasing a home is an important step on the path to a secure financial future, but it can be an unattainable dream for some people,” said M&T Bank Community Reinvestment Act Officer Brad Dossinger. “Through this new program, we're offering many ways we can help consumers in New Jersey and other states make home ownership more affordable.”