The Neighborhood Mortgage Program provides for the purchasing or refinancing of a 1-4 family owner-occupied or investment property with a street address located in a *low to moderate income neighborhood (located in Bergen, Passaic, Essex, Union, and Morris County). A rate discount applies and the application fee is also waived. This loan is available to qualified borrowers with no income restrictions, as well as 10% down without PMI.

Spencer Savings' Neighborhood Progam offers:
• Waived application fee
• Discounted interest rates
• 5% minimum down payment with Private Mortgage Insurance (PMI)
• 10% down payment eliminates Private Mortgage Insurance (PMI) required
• 1 to 4 family owner occupied and investment properties are eligible

* based on FFIEC qualifications .