There’s a new Bank in town

    I was delighted to learn that Citizen’s Bank has just opened up a branch in our local Setauket Stop and Shop on 25A!  How convenient!  In addition to the usual savings and checking account options however, they have some amazing loan products that were thought to have been a thing of the past.  If you have been considering a applying for a mortgage, I would add them to your list of banks to interview. 

    Do not assume that you cannot qualify for a loan because you’ve heard that qualifying is becoming increasingly more difficult.  With little money down, there are still some great mortgages to consider.  Citizens is one of the few offering an 80/10/10 loan (which basically translates to a first mortgage of 80% and a second mortgage of 10% of the purchase price).  The benefit of this is that you can avoid the PMI insurance that usually accompanies loans of more than 80%.  They are also offering SONYMA (State of New York Mortgage Agency) loans which are amazing if you can qualify as a first time homebuyer.  With SONYMA loans you can use a variety of grants towards your down payment– and if you haven’t applied yet, now is the time to start preparing.  (Other banks also offer SONYMA loans, but I just wanted to let you know they are available at the end of the grocery store check-out line too). 


    For more information about buying a home, contact me, Amanda Eckart 631-404-2215. For more information about the new Citizen’s Bank, you can contact John Kotzin at 516-535-3366.

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