Norwich, N.Y. (WBNG Binghamton) NBT Bank announced the start of the First-time Homebuyer Program Thursday. It will be available to anyone looking to buy their first home within the city of Norwich.
The bank will provide 100 percent financing for one or two family homes and will have an interest rate discounted from the already low market rate.
Senior Vice President for NBT Bank, Joseph Culver, says, "A normal 30 year fixed rate today would be priced at 3-and-a-half percent. We're going to discount that interest rate another quarter percent. So somebody taking advantage and jumping out there hopefully later this week to buy their house, they'll have a rate of 3-and-a-quarter percent fixed for 30 years."
Partners of the program believe that it doesn't just benefit families, but it also allows the city to grow and flourish.
"It gives the new home buyers an opportunity to begin to build assets in their properties and it really does build pride in community as you stabilize neighborhoods," says Wayne Viera of Opportunities for Chenango.
NBT Bank has set aside $1 million for this program for Norwich first home buyers. Chenango's Quaranta Housing Services will also provide grants up to $20,500 for down payments and closing costs.
If you are interested in the program, you can apply at any NBT Bank.