Valley National Bank Special Products and Services HCDNNJ HCA Training 8/16/18

Transcription

1 Valley National Bank Special Products and Services HCDNNJ HCA Training 8/16/18 Jerry Flach (973) x 4252 gflach@valleynationalbank.com Sofi Cordero (973) x 8884 scordero@valleynationalbank.com 2010 Valley National Bank. Member 2017 FDIC. Valley Equal National Opportunity Bank. Member Lender. FDIC. Equal Opportunity Lender. Equal Housing Lender. All Rights Reserved. VCS-7470

2 Quick Facts About Valley Quick Facts about Valley 2010 Valley National Bank. Member 2017 FDIC. Valley Equal National Opportunity Bank. Member Lender. FDIC. Equal Opportunity Lender. Equal Housing Lender. All Rights Reserved. VCS-7470

3 Why Valley National Bank? Variety of affordability options Over 100 Home Loan Consultants specializing in first time homebuying Unlike many larger banks, we underwrite locally and we live and work within the same neighborhoods We accept most deed restrictions We are experienced with land trusts Experience with local, county, state and federal programs and longstanding relationships with housing counseling agencies 3

4 Affordable Mortgages From Valley Valley Community Advantage Home Ownership Program Terms of Loan 15/30 Fixed 15/30 Fixed Eligibility Income Limits Apply: <80% of area median (Area defined by LMI census tracts) Valley Community Plus Home Ownership Program Geographic Limits Apply: (Area defined by LMI census tracts) HCA Training Pre-Purchase Counseling Pre-Purchase Counseling Down Payments (LTV) 3% (97%) CLTV 105% 5% (95%) 1% must be borrower funds of purchase price. CLTV 105% Fees $100 origination fee $100 origination fee Mortgage Insurance Important Distinction Not required Eligibility largely determined by BORROWER being LMI Not required Eligibility largely determined by PROPERTY being in LMI area

5 Low Down Payment Mortgages (Government Sponsored Entities) FHA LOANS (Federal Housing Administration) HomeReady TM Fannie Mae Home Possible R Freddie Mac Terms 15/30 year fixed Fixed terms to 30 Fixed terms to 30 Eligibility Down Payments Low to Moderate Income. As low as 580 credit score (Valley) No income limits for low-income census tracts As low as 3.5% As low as 3% Borrower must contribute all No income limits in underserved areas As low as 3% Can receive funds elsewhere (i.e. gift) Fees Standard Fees Standard Fees Standard Fees Mortgage Insurance Other May be financed. Paid over life of loan Partially guaranteed by FHA May be financed. Cancellable at 78% loan / home value Non-borrower household income allowed May be financed. Cancellable at 80% loan / home value Non-borrower household income not allowed 5

6 100% Financing for Special Instances VA LOANS (Veteran s Administration) USDA Loans (US Dept. of Agriculture) Terms 30 year fixed 30 year fixed Eligibility Regular Military Veterans / National Guard Down Payments Low or None Rural areas Less than 115% of area s median income Low or None Fees Based on Down Payment Reduced Fees Mortgage Insurance None required Required but may be financed Guarantees Partially guaranteed by VA Partially guaranteed by USDA 6

7 Special Savings Program: First Home Club SM NY/NJ Administered by Federal Home Loan Bank of New York (FHLBNY) Eligible first-time homebuyers can receive $4 in matching funds for each $1 saved in a dedicated account, with up to $7,500 in matching or granted funds to be used for a down payment A month systematic savings program with a member bank whereby your total savings of $1,875 is matched with $7,500 For households in NY and NJ whose income is 80% or less of area media income based on FHLBNY guidelines Completion of HUD certified homeownership counseling program Additional information available at fhlbny.com/fhc 7

8 Nonprofits VNB Non-Profit Organization Checking Low minimum opening and daily balance requirements No monthly Cash counting or maintenance charges Business Credit Card Merchant Services Business Management and Point-of-Sale System Over 250 Apps Payments on the go including contactless (e.g. Apple Pay ) 8

9 In Summary Combining experience, imagination and passion will provide innovative solutions that benefit over 400,000 customers. ~Ira Robbins, President and CEO Our commitment: Our partners Affordable homes Low and moderate income communities Revitalizing neighborhoods Economic Development 2018 Valley National Bank. Member FDIC. Equal Opportunity Lender. All Rights Reserved. 9