NBT Bank starts program to boost home ownership in Manchester
November 17. 2017 4:07PM
MANCHESTER — NBT Bank on Thursday announced a new program that provides financial incentives for people to buy a home in Manchester.
People with household incomes up to $94,080 can buy a one- or two-family home, put down as little as 5 percent and avoid paying mortgage insurance.
First-time home buyers also can get an interest rate beak of a quarter point.
The “Home in the City Program” is good for anywhere in Manchester, and the bank is “not trying to work on gentrification in one neighborhood,” said Joseph Culver, senior vice president and residential mortgage manager.
People typically need to put 20 percent down to avoid PMI, which can run $90 to $100 a month on a $2000,000 mortgage, Culver said.
Culver said the bank is committing $25 million in borrowing to the program, which is running in about 25 cities.
Many people, including millennials, want to live within walking distance to bars and restaurants, he said.
He spoke to about 20 Realtors and title company workers at the Derryfield Country Club on Thursday.
“I think they brought something very nice to the table,” said Linda Moreau of the Bean Group in Bedford. “I think every little point can help some new home buyer get into the market.”
The New York State bank has offices in Manchester, Nashua, Keene and Portsmouth with hopes of growing in New Hampshire.
The bank partnered with HOMEteam, where people may complete home-buyer education classes.
“Support from financial companies such as NBT Bank is essential to our ability to offer these services to New Hampshire residents helping to create homeowners who are well informed and well prepared for the responsibilities of homeownership,” Paul McLaughlin, HOMEteam manager, said in a statement.