Since 1992 NeighborWorks® Greater Manchester has offered low to moderate income family's down payment and closing cost assistance. These second mortgage products help make the home more affordable. Benefits are:
- Lower fixed interest rates then found in the convention market place
- Avoid Private Mortgage Insurance (costly insurance that protects the lender)
- Requires only 1% down of borrowers own funds
- Borrower can roll in down payment and closing cost in second mortgage
- Underwriting guidelines less restrictive then conventional lenders
- Does not use credit scores to access affordability
- Fills the "affordability gap" for many low to moderate income borrowers
The NeighborWorks
® HomeOwnership Center second mortgage products work in conjunction with first mortgage products offer by the following lenders:
- St. Mary Bank
- TD Banknorth
- Member's First Credit Union
- Granite State Credit Union
- Bellwether Community Credit Union
- Southern NH Bank
- Centrix Bank
- New Hampshire Housing Finance Authority
- Neighborhood Housing Services of America
The Center works with the City of Manchester to offer down payment and closing cost assistance loans from the City's Community Improvement Program funds to eligible low income households that purchase a home in Manchester.
