M&T Bank is offering mortgage subsidies through a new program to qualified consumers in New Jersey and nearby states.
Through the program, borrowers who are purchasing or refinancing properties in certain neighborhoods can receive assistance totaling in excess of $10,000. Properties must be located in census tracts where more than half of the residents are African-American or Hispanic.
Borrowers can use the subsidy program to put money toward a down payment, to buy down the interest rate of the loan or to pay for closing costs such as mortgage insurance, appraisal fees, credit report fees and title insurance.
"Through this new program, we're offering many ways we can help consumers in New Jersey and other states make homeownership more affordable," M&T Bank Community Reinvestment Act Officer Brad Dossinger said in a news release Wednesday.
The program is available in 12 counties in New Jersey and in specific census tracts within counties in Connecticut, New York, Pennsylvania and Delaware.
