Valley National Bank, the wholly-owned subsidiary of Valley National Bancorp, announced the launch of its new Community Home Equity Line of Credit Program designed to support the needs of low-to-moderate income (LMI) borrowers.
Today’s housing market has made it difficult for LMI families to trade up to a home that fits their needs. An alternative solution is to make improvements that provide additional space or new amenities to the existing house using a home equity loan. The Community Home Equity Line of Credit Program features a low 12-month below market introductory rate of 6.67% as of Nov. 1 with no closing costs. LMI households can apply for lines of up to $250,000 to make the improvements they need. While many use the line of credit for their home, the line can also be used for other reasons such as healthcare costs, auto purchases or tuition payments.
“For more than 95 years, Valley has been dedicated to building stronger communities throughout the areas we serve,” said Kevin Chittenden, Valley Bank executive vice president of Consumer Lending. “The Community Home Equity Line of Credit program is just another example of how we’re putting actions behind our words. This product will provide LMI customers with an attractive variable rate to renew, renovate or update their homes at a time of interest rate volatility and economic uncertainty.”
Valley will actively promote this program throughout its footprint with a strong emphasis on raising awareness in LMI communities. This program will complement other LMI consumer lending initiatives such as Valley’s Low Down Payment / No PMI Community Mortgage Loans which have provided first time homebuyers an important point of entry into the market.
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