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 Fannie’s 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 Bank’s 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 children’s 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.”

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