NBT Bank commits $1 million for city first-time home buyer program
NORWICH – It’s been a busy year for NBT Bank, with the announcement of its acquisition of Alliance Bank in Syracuse, and other endeavors. Despite NBT’s recent expansions, and possibly because of it, its management wishes to display their tenet of continually investing in the communities they serve and have formed a program geared to help first-time home buyers interested in purchasing a home in the City of Norwich.
During a press conference Thursday announcing the bank’s $1 million commitment to the creation of the program, Senior Vice President and Residential Mortgage Manager and Bank CRA Officer Joseph D. Culver said Norwich is number one on their list communities they want to invest in.
The reduced interest rate program is part of an effort to induce economic growth in the City of Norwich. “We reached out to the mayor and to Opportunities for Chenango to make this program a reality,” said Culver.
Working alongside the city and OFC’s Quaranta Housing Services, NBT is trying to engender a chain-reaction of home buying. “It all starts with first-time home buyers,” said Culver. “Homeowners that first-time buyers purchase from, in turn upgrade, buying nicer and more expensive homes, and so on and so forth.”
“This wont just help first-time home owners,” said Peggy Parker Real Estate LLC Managing Broker Kevin D. Walsh. “Everyone else involved in the new home ownership process also stands to benefit, such as realtors, home improvement workers, and home improvement businesses.” The money first-time buyers save with the low interest rate on their mortgages will help make it more affordable to improve their new homes.
“This program works well with what the city is trying to do,” said Mayor Joseph P. Maiurano. “We are trying to rehabilitate properties, getting them back on the market, making the neighborhoods nicer, and bringing in more working homeowners.”
The program provides first-time buyers with a number of special opportunities, including 100% financing with no down payment, a 30-year fixed interest rate priced .25% below NBT’s posted rate, as well as the opportunity to buy a two family home. Usually banks extend such offers to only the purchase of a single family home. Extending the program to include two family homes encourages owner/occupied landlordships, which is a favorable occurrence for the integrity of the neighborhood because homeowners who live in the buildings they rent out take greater pride in their properties than absentee landlords generally do.
As part of the program, participants have to complete a Quaranta Housing Services home buyer education class to ensure they are ready for the responsibilities of home ownership. OFC will also provide grant funding for down payment and closing cost assistance, to those who are eligible.
During the press conference the speakers were of one accord, claiming now is the best time for first-time home buyers to make their move. “With interest rates at a historic low, it is truly a buyer’s market and we have not been seeing enough of it,” said Culver.
“The incentives NBT is offering are going to mean a lot to first-time home buyers and I think we are going to see a lot of people who are on the fence, moving to the buying side,” said Walsh.
The reduced interest mortgage loans will be available to any eligible first-time home buyer in the city limits and will be offered for as long as the million dollars lasts.
“Owning your own home – it’s the American dream,” said Maiurano.
During a press conference Thursday announcing the bank’s $1 million commitment to the creation of the program, Senior Vice President and Residential Mortgage Manager and Bank CRA Officer Joseph D. Culver said Norwich is number one on their list communities they want to invest in.
The reduced interest rate program is part of an effort to induce economic growth in the City of Norwich. “We reached out to the mayor and to Opportunities for Chenango to make this program a reality,” said Culver.
Working alongside the city and OFC’s Quaranta Housing Services, NBT is trying to engender a chain-reaction of home buying. “It all starts with first-time home buyers,” said Culver. “Homeowners that first-time buyers purchase from, in turn upgrade, buying nicer and more expensive homes, and so on and so forth.”
“This wont just help first-time home owners,” said Peggy Parker Real Estate LLC Managing Broker Kevin D. Walsh. “Everyone else involved in the new home ownership process also stands to benefit, such as realtors, home improvement workers, and home improvement businesses.” The money first-time buyers save with the low interest rate on their mortgages will help make it more affordable to improve their new homes.
“This program works well with what the city is trying to do,” said Mayor Joseph P. Maiurano. “We are trying to rehabilitate properties, getting them back on the market, making the neighborhoods nicer, and bringing in more working homeowners.”
The program provides first-time buyers with a number of special opportunities, including 100% financing with no down payment, a 30-year fixed interest rate priced .25% below NBT’s posted rate, as well as the opportunity to buy a two family home. Usually banks extend such offers to only the purchase of a single family home. Extending the program to include two family homes encourages owner/occupied landlordships, which is a favorable occurrence for the integrity of the neighborhood because homeowners who live in the buildings they rent out take greater pride in their properties than absentee landlords generally do.
As part of the program, participants have to complete a Quaranta Housing Services home buyer education class to ensure they are ready for the responsibilities of home ownership. OFC will also provide grant funding for down payment and closing cost assistance, to those who are eligible.
During the press conference the speakers were of one accord, claiming now is the best time for first-time home buyers to make their move. “With interest rates at a historic low, it is truly a buyer’s market and we have not been seeing enough of it,” said Culver.
“The incentives NBT is offering are going to mean a lot to first-time home buyers and I think we are going to see a lot of people who are on the fence, moving to the buying side,” said Walsh.
The reduced interest mortgage loans will be available to any eligible first-time home buyer in the city limits and will be offered for as long as the million dollars lasts.
“Owning your own home – it’s the American dream,” said Maiurano.
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