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Good Move Plus Mortgage

Ridgewood Savings Bank - Ridgewood, NY

2022 Community Committment Awards Submission

  • Affordable Housing
  • Asset Size: Medium

We all realized during the recent pandemic that having a safe haven to call home has never been more important. Ridgewood Savings Bank's Good Move Plus mortgage product offers more families and individuals that very opportunity. Good Move Plus is an original product created by Ridgewood Savings Bank to serve as a flexible home buying option for those who cannot afford a large down payment and is designed to remove some of the hurdles to home ownership for families and individuals who have the income but need a little extra support. Unlike other affordable mortgages, Good Move Plus is not just limited to first-time homebuyers; it is open to any individuals interested in purchasing or even looking for a cash-out refinance for a single-family up to a four-family home, condominium, or co-op, who meet the eligibility requirements. It enables eligible borrowers to purchase a residence with a down payment as low as 3% and receive up to ,000 in closing costs and mortgage insurance assistance. To qualify for the Good Move Plus loan, the property must be located in the New York metropolitan area and is available to buyers with an annual income of up to 80% of the median income in their area. In addition, an applicant's debt-to-income requirement can be as high as 48% of monthly gross income. If an eligible applicant's income does not meet that requirement, the income of an immediate family member can be considered for qualification purposes, even if the relative will not be living in the residence.