973-473-2200

New Telephone Number
(973) 778-6791
 

My Wallet and My Neighborhood Programs

CRA LMI  PROGRAMS

Effective July 1, 2014, the following programs for low-income and moderate-income (“LMI”) borrowers, and for properties located in low-income and moderate-income (“LMI”) census tracts, are in effect until further notice.

 

My Wallet

My Neighborhood

Eligible loan types

First mortgage loans and fixed rate equity loans

First mortgage loans and fixed rate equity loans

Eligible property types

Single family, two-family, condo units

Single family, two-family, condo units

Eligible loan purposes

Purchase, refinance, and home improvement

Purchase, refinance, and home improvement

Eligible property locations

Anywhere in Passaic, Bergen, Essex and Hudson counties

LMI census tracts within Passaic, Bergen, Essex and Hudson counties

Borrowers’ income limits

$55,120 for Passaic, Bergen, Hudson; $77,040 for Essex

No income limits

Loan-to-value ratio limits (purchases)*

95 for 1-family, 95 for 2-family, 80 for condos

95 for 1-family, 95 for 2-family, 80 for condos

Loan-to-value ratio limits, all other

Same as normal programs

Same as normal programs

Interest rate   concession

¼% less than normal rates

¼% less than normal rates

Fee concessions*

Refund origination fee; waive appraisal, credit, flood search fees

Refund origination fee; waive appraisal, credit, flood search fees

Underwriting concessions

Maximum debt ratios of 35/42 (39 for non-owner occupied properties)

Maximum debt ratios of 35/42 (39 for non-owner occupied properties)

* Applies to primary residence dwellings only

Rates and terms are subject to change at any time without prior notice.