Country Bank Earmarks $10 Million to Support Affordable Housing
Country Bank has introduced a new affordable-housing program featuring no down payment for first-time homebuyers. The first-of-its-kind program will assist low- to moderate-income families in purchasing a home. Country Bank has pledged $10 million to the program to help make a difference for these first-time homebuyers. This program is designed to help those who need it most by offering 100% financing for single-family homes or condominiums and 95% financing for two-family properties, with no down payment. In addition, the bank will cover 100% of the private mortgage insurance (PMI) that traditionally adds to the monthly payment, saving the borrower hundreds of dollars each month. This feature also gives the borrower more purchasing power by not having to pay the cost of mortgage insurance. Certain restrictions and locations apply for this program.