Bryn Mawr Bank Corporation, parent of The Bryn Mawr Trust Company, announced today a $10 million commitment to fund loans to low-to-moderate income households and areas.
Bryn Mawr has a branch bank in north Wilmington and a wealth management operation in Greenville.
In conjunction with the significant funding commitment, BMT adjusted the guidelines on its Neighborhood Opportunity Program, to make home ownership and home improvements more accessible and affordable to low and moderate-income borrowers. The Neighborhood Opportunity Program provides loans to individuals purchasing and improving homes in low-to-moderate income areas.
“Home ownership should be affordable for everyone. We are committed to providing mortgages and home loans that further meet the needs of borrowers in the diverse communities we serve,” said Frank Leto, CEO of BMT. “Home ownership gives borrowers the opportunity to build equity by owning and enhancing their property. This $10 million allocation, combined with our Neighborhood Opportunity Program is designed with this goal in mind.”
BMT created its Neighborhood Opportunity Program in 2014. The program provides primary home loans to individuals with low-to-moderate incomes, or to individuals looking to purchase or repair a primary residence located in a low-to-moderate income census tract. The program also helps low-to-moderate income homeowners borrow the funds they need to improve their residences.
BMT’s Neighborhood Opportunity Program provides a flexible alternative compared to conventional loan programs. With as little as a 3 percent down payment, and the potential to eliminate the high costs of private mortgage insurance (“PMI”), the Neighborhood Opportunity Program makes home ownership more affordable, a release stated.
In addition to loans through its Neighborhood Opportunity Program, BMT offers consumers a wide variety of other mortgage products including conventional, jumbo, adjustable-rate, and FHA loans.
Customers can also visit a local branch for information, or connect with a local Mortgage Loan Officer for a customized consultation by calling 610-581-4876.
BMT, founded in 1889 and headquartered in Bryn Mawr, Pa., operates 25 retail bank locations in Montgomery, Chester, Delaware and Philadelphia Counties in Pennsylvania and New Castle County in Delaware. BMT also serves clients through its Wealth, Private Banking and Insurance divisions in addition to Mortgage and Commercial Lending Departments. Further information about products and services offered may be obtained at www.bmtc.com.
