This loan makes it possible for first-time homebuyers to own a home with affordable monthly mortgage payments.

Get a Spencer "First-time Homebuyer Mortgage" with low monthly payments and get a great rate not a lease. Available to first-time homebuyers in Bergen, Essex, Morris, Passaic and Union Counties.

Features include:
• Program offers as low as 5% down payment (Private Mortgage Insurance PMI required)
• Half of the normal application fee waived
• Relaxed qualifying credit standards
• Zero points
• 10% down eliminates Private Mortgage Insurance (PMI) payment
• Household income limitations apply
• Owner occupied 1-2 family properties eligible