SHORT HILLS, N.J., March 22 /PRNewswire/ -- Investors Savings Bank is
pleased to announce the upcoming graduation of its First Home Club Program
participants. On April 12, 2005, Investors and its 25 First Home Club
graduates will celebrate the completion of this affordable housing educational
program. This program is designed to provide down payment and closing cost
assistance to first-time homebuyers and a complementing housing educational
program. Investors Savings Bank has partnered with the Federal Home Loan Bank
of New York who will provide up to $5,000 per family, and Somerset County
Coalition on Affordable Housing (SCCOAH), a non-profit organization, that
provided homeownership-counseling services.
"This program is perfect for individuals and families who are working and
have good credit, but feel they are unable to consider homeownership. For
those that are discouraged once they pay their rent and other living expenses
and they find they do not have much left over to save for down payment and
closing costs, this program works well for them," stated Sharon Clark,
Executive Director at SCCOAH.
"The First Home Club is working as designed to encourage families to save
for a home of their own," said Alfred DelliBovi, President of the Federal Home
Loan Bank. "It motivates families to save by matching one dollar of their
savings with three dollars from the Home Loan Bank. We will provide up to
$5,000 per family. The Home Loan Bank and Investors Savings Bank are proud to
provide this support for family and community development."
"Investors is proud to team up with the Federal Home Loan Bank of New York
and SCCOAH in helping low- and moderate- income households establish dedicated
savings accounts to help them towards making their dream of homeownership a
reality. We hope to see some of these graduates actually buy their first home
by the summer of this year," said Robert Cashill, President and CEO at
Investors Savings Bank.
In addition to the matching funds, eligible participants may also qualify
for special mortgage products from Investors Savings Bank that include reduced
mortgage rates, loans with no points or commitment fees, Bank paid Private
Mortgage Insurance and more. To determine if you qualify for this or any of
our other Affordable Housing programs contact Helena Cadima, Community
Relations Coordinator at (973) 924-5174.
Investors Savings Bank has been serving the banking needs of New Jersey
families since 1926. With $5.4 billion in assets and a network of 46 branches
in eight counties, Investors provides personalized and friendly service,
products tailored to the needs of its customers and competitive interest
rates. For more information about Investors' products, including mortgages,
home equity loans and lines of credit, CDs and a variety of checking accounts,
call 1-800-252-8119 or visit http://www.isbnj.com. Investors Savings Bank is
a member of the FDIC and an Equal Housing Lender.
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