Spencer Savings Bank Helps Public Employees Find Their Way Home with Unique Mortgage Program

On May 26, 2014

Elmwood Park-based Spencer Savings Bank’s Community Worker Mortgage Program gives back to those whose careers make the region a better place to live, helping them achieve their dreams of home ownership. In just two and a half years, that has translated to more than $21.3 million in affordable home loans with very favorable terms to those with community-oriented jobs in Spencer’s seven-county service area.

“From police and fire personnel to teachers, librarians, medical workers and other borough or county employees, we feel that those who make our communities great deserve to be rewarded,” said Mercedes Pedrick, Vice President & Director of Mortgage Originations for Spencer Savings Bank. “Our Community Worker mortgage program pairs hardworking families with mortgages that allow them to invest in a home for their families.”

Part of the programs popularity resides in features such as refunded application fees at closing, discounted rates, and no income limits. In terms of the latter, those without a credit history may establish credit-worthiness by providing evidence of on time and regular payments to landlords, utility or telephone companies, and other creditors. Both fixed and adjustable rate options are available.

One of the most attractive aspects of the program is the need for only ten percent down, and no private mortgage insurance (PMI) will be required. Those with a lower down payment can still participate, though with a PMI requirement.  Borrowers enrolled for automatic payments from a Spencer checking account will also qualify for a rate discount of an eighth of a percent. Both single and two-family primary residences and single-family vacation homes qualify.

The goal of the program is to assist those with proven dedication to the region in making their home ownership goals a reality. Those who can enjoy the benefits of a Community Worker Mortgage include borough or county employees, such as police officers, firefighters, those in the Department of Public Works, librarians, crossing guards, teachers, or medical workers including lab technicians, nurses, and hospital workers. Applicants must reside in one of the seven counties that make up Spencer’s service area, including Bergen, Passaic, Morris, Union, Hudson, Middlesex and Essex.

“Our region is made stronger by those whose careers are locally focused, and we want them to be able set down roots” Pedrick says. “By pairing these individuals with the tools to achieve home ownership, it is an investment in creating vibrant towns and communities for years to come.”

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