NeighborWorks® Rochester recently celebrated the success of its Equity Builder Loan program by recognizing the first recipient of the loan and our bank partner, First Niagara Bank. The loan helps new homeowners save money on their home by providing closing cost assistance, up to 105% Loan to Value of the home. Homeowners Jamie Rivera and Danielle McDonald, of Rochester, were on hand, along with Phil Swetz and Bridget Campbell of First Niagara to be part of the celebration.
The event was part of the local celebration of NeighborWorks® Week, a nationally-recognized celebration of neighborhood revitalization activities.
“First Niagara is a huge proponent of initiatives that increase self-sufficiency, stabilize housing and improve our neighborhoods,” said Phil Swetz, First Niagara Vice President of Mortgage Banking. “We’re proud to work with Neighborworks® to contribute to stronger, more diverse and thriving communities.”
The Equity Builder Loan helps future homeowners purchase a home with a down payment of more than 20%, avoiding a monthly Private Mortgage Insurance (PMI) payment. Over the course of home ownership, this can result in substantial savings.
“We are so thrilled to be able to offer this loan product in conjunction with our bank partner,” said Maureen Murphy, Executive Director of NeighborWorks® Rochester. “It provides money for closing costs and long-term savings for the homeowner. And, as any homeowner can tell you, buying the home is just the beginning – you need to be able to maintain and sustain it throughout the years. We are pleased to be able to help those homeowners stay in it for the long run and make our community stronger as well.
During NeighborWorks® Week, NeighborWorks® Rochester and other NeighborWorks® organizations across the country will mobilize people for neighborhood change and awareness, rehab and repair homes, paint and landscape properties, conduct neighborhood tours, recognize successful partnerships and host a number of events that educate, train and inform.
NeighborWorks® Rochester is part of the national NeighborWorks® network, an affiliation of more than 245 nonprofit organizations located in every state, the District of Columbia and Puerto Rico. In 2014, the NeighborWorks® network helped 300,000 individuals and families with affordable housing and counseling. The NeighborWorks network was founded and is supported by NeighborWorks America, which creates opportunities for people to live in affordable homes, improve their lives and strengthen their communities.
Want to learn more about the Equity Builder or NeighborWorks® Rochester loans? Give us a call at 325-4170.