TRENTON, N.J. Fannie Mae announced a partnership with First Union National Bank on Monday to increase homeownership opportunities for low- and moderate-income families in New Jersey.
In the program First Union is to make loans under Fannies MyCommunityMortgage program, which provides high-loan-to-value mortgages for one- to four-unit properties.
Eligible borrowers will receive down-payment and closing-cost assistance from the Federal Home Loan Banks first-time homebuyers program.
First Union will require first-time homebuyers to get homeownership counseling through a nonprofit organization: the New Jersey Citizen Action, Isles, the Patterson Task Force, or the Patterson Housing Coalition.
Homeownership is the foundation for healthy neighborhoods and strong communities, providing families a great opportunity to build wealth and invest in their childrens future, said Trenton Mayor Doug Palmer during a press conference announcing the program. I commend First Union and Fannie Mae for joining forces to help increase the number of New Jersey families who own their own homes.