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Low to Moderate Income Programs

Metuchen Savings Bank is committed to provide affordable mortgages for residents of Middlesex County and Offers Special Products Especially for Low to Moderate Income Borrowers.

 

 

Low to Mod 30-yr Fixed Rate Mortgage

This product is a 30-year fixed rate mortgage for one and two-unit eligible properties (including condominiums) located in Middlesex County and must be for an owner occupied primary residence.

  • 0.125% discount on 30 year Fixed Rate loans
  • No First Time Homebuyer Requirement
  • Homebuyer education is required and provided free of charge.

Credit Criteria

  • Borrowers must meet credit criteria with a minimum score of 720. The lesser of the middle score of both borrowers must exceed this score.
  • The maximum Loan to Value Ratio (LTV) is 95%. Borrowers without sufficient credit history may use acceptable alternative credit as defined by FNMA guidelines.
  • PMI required for LTV > 80%
  • Gross household income must be 80% or less of the area median income.

Low to Mod Home Improvement Second Mortgage

This product is a 5, 10 or 15-year second mortgage product for one and two-unit eligible properties (including condominiums) located in Middlesex County and must be for an owner occupied primary residence.

  • 0.50% discount from the Bank's current home equity fixed rate.
  • The applicant must state that the funds are to be used for home improvement purposes (no receipts/proof necessary)
  • New loan may be subordinate to a first mortgage and a qualified grant/second mortgage that is forgivable over time as determined by Metuchen Savings Bank.
  • Loans are for owner-occupied low to moderate income borrowers in Middlesex County or Owner-occupied homes located in Low to Moderate Census Tracts in Middlesex County.

Credit Criteria

  • Gross household income must be 80% or less of the area median income.
  • With Minimum Credit Score of 680 and Maximum Loan to Value Ratio (LTV) of 80%, the maximum loan amount is $25,000.
  • With Minimum Credit Score of 720 and Maximum Loan to Value Ratio (LTV) of 100%, the maximum loan amount is $10,000.
  • Per FNMA guidelines, borrower(s) must qualify on their own. Non-occupying co-borrower income must not be used to qualify borrower.

For additional information about qualifying for this program, Please call James Mazzola at 732-548-7400 x 6370 NMLS ID# 445146

 

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