Community members employed by Fire Departments, Police Departments, Educational Systems, and Boroughs in more than 60 towns surrounding the 17 Spencer Savings Bank branches are invited to apply for a Community Worker Mortgage for a 1 or 2 family owner occupied NJ property. With this mortgage you will be offered more relaxed lending guidelines,which includes a 10% down payment without PMI (Private Mortgage Insurance) instead of 20% down. There is also a refunded application fee and a 1/8% rate discount when your monthly payments are auto deducted from a Spencer checking account.

Community Program offers:
• Township, Board of Education and Fire Department personnel are eligible.
• A refunded application fee.
• 1/8% rate discount with payments automatically drafted from a Spencer Savings Checking account.
• 5% minimum downpayment (requires Private Mortgage Insurance (PMI).
• 10% down payment eliminates Private Mortgage Insurance (PMI).
• No income limits.
• Applies to specific townships in Bergen,Essex,Morris, Passaic and Union counties.