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Customers Bank, Wyomissing, PA

Entry Year: 2018
Entry Category: Affordable Housing
Asset Size: Medium
Program Name: Neighborhood Housing Services of Greater Berks County

Program Summary:

Neighborhood Housing Services of Greater Berks County (NHSGB) has partnered with New Kensington
Development Corporation of Philadelphia (NKCDC) and Customers Bank in assisting first-time home buyers in
Reading and Philadelphia. The Homeownership Program (HOP) is a key part of Customers Bank’s efforts to
stabilize and revitalize neighborhoods and grow our communities.

The HOP provides for up to 110% loan-to-value financing, allowing for more closing costs to be financed and keeping
the out-of-pocket down-payment requirements affordable for the purchase of a primary residence. In addition,
qualified borrowers can add up to $3,000 to their loan for property repairs. Borrowers are required to only make a
minimal contribution of $1500 of their own funds, and must meet qualifying income limits, flexible loan approval
standards, and complete our Homebuyer Education and counseling programs. Interest rates are fixed and are similar
to the Bank’s rate for the first mortgage loan and offers reduced application fees.

The program also provides an individual Housing Counselor who helps applicants develop a household budget, helps
navigate the home buying process, and serves as a mentor throughout the first year of home ownership.