M&T Bank Launches Mortgage Subsidy Program in New Jersey and Neighboring Areas

Homebuyer assistance in targeted neighborhoods can exceed $10,000

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Oct 05, 2016, 10:19 ET

BUFFALO, N.Y., Oct. 5, 2016 /PRNewswire/ -- M&T Bank (NYSE: MTB) has launched a new mortgage subsidy program allowing qualifying homebuyers who are purchasing or refinancing properties in targeted neighborhoods within 12 New Jersey counties, and certain counties in other states, to receive assistance that can exceed $10,000.

The program is available for purchasing or refinancing properties in U.S. Census tracts where more than 50 percent of residents are African-American and/or Hispanic.

The subsidy program can assist qualified buyers in a variety of ways, including:

Contributing toward the down payment to purchase a house.
Buying down the interest rate of the loan.
Paying closing costs such as: mortgage insurance, recording fees, mortgage tax, appraisal fees, credit report fees, title insurance, title search fees, home inspections, counseling fees, tax and insurance escrow reserves and other costs.

"Purchasing a home is an important step on the path to a secure financial future, but it can be an unattainable dream for some people. Through this new program, we're offering many ways we can help consumers in New Jersey and other states make home ownership more affordable," said M&T Bank Community Reinvestment Act Officer Brad Dossinger.

In addition to the New Jersey counties of Bergen, Burlington, Camden, Essex, Hudson, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset and Union, the program is available in qualifying census tracts within specific counties in Connecticut, New York, Pennsylvania and Delaware.

Additional information about the program is available by contacting M&T Bank's mortgage division at 1-888-253-0993.

About M&T Bank
M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, operates banking offices in New Jersey, Pennsylvania, Delaware, New York, Maryland, Connecticut, Virginia, West Virginia, and the District of Columbia. Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank.