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Good Move Mortgage & First-Time Homebuyer's Workshop

Ridgewood Savings Bank - Ridgewood, New York

2020 Community Commitment Awards Submission

  • Entry Category: Affordable Housing
  • Asset Size: Medium

Ridgewood Savings Bank has two different programs designed to help low-to-moderate-income (LMI) individuals achieve the American dream of owning their own homes. The first program is its unique Good Move Mortgage product, a flexible home buying option for applicants who cannot afford large down payments and closing costs, or do not have the income to obtain a traditional mortgage. This innovative, product is extremely flexible, including such features as using non-occupant co-borrowers' income for qualifying purposes. Ridgewood also offers First-Time Homebuyers Workshops to educate potential homebuyers about the mortgage process. The full-day class, which is provided free of charge to members of the community, reviews the process of buying a home from start to finish, including available mortgage products and home pre-inspections. Guest speakers include a licensed architect/engineer, a real estate attorney, and a mortgage consultant.