Wayne Bank launches new home construction loan program
Published: February 1, 2013
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Throughout its 141 year history, Wayne Bank has adapted to the ever-changing needs of the community and made loans available to help expand our local economy. Today, in these challenging economic times, the bank, now serving northeastern Pennsylvania with offices in Wayne, Pike, Monroe and Lackawanna counties, plans to accelerate this pace in 2013.
Wayne Bank remains committed to helping the community grow. Strong in its belief that it must play a positive role in encouraging economic activity designed to spark economic recovery, the Bank has introduced a new campaign designed to support new home construction in our area.
According to the National Home Builders’ Association (1), new residential home construction has a positive, direct impact on our economy. For every new home built, NAHB estimates that three new jobs are created. These are not just construction jobs, but also jobs in industries where lumber, concrete, lighting, heating and cooling, and other home products are produced. Construction also generates service work for real estate agents, lawyers, title agents, and lenders. NAHB points out that home building increases the property tax base which generates revenue sorely needed to support local schools and community projects. They estimate that for each new home built, $90,000 of tax revenue is generated; $23,000 of which goes directly to state and local governments.
In their new campaign, Wayne Bank plans to help the community grow by providing reduced rates, one-step loan closings, and a variety of down payment options to encourage new home construction. The campaign will focus on construction-to-permanent financing that is priced to enable consumer repayment in 20 years or less.
Wayne Bank construction loans offer a lower down payment option, as low as 10 percent (2), to empower well-employed consumers with strong creditworthiness, who may not have large down payment resources, to enter the housing market now, while mortgage rates are at historic lows and real estate purchase options are abundant. All Wayne Bank loans are processed timely and decisions are made locally.
Wayne Bank will also support strong, qualified local builders and developers by funding commercial loans and lines of credit to meet new demand. The bank has commercial lending experts in each of the counties it serves.
Wayne Bank President and CEO, Lewis Critelli, said, “Wayne Bank believes that opportunities for growth and prosperity in northeastern Pennsylvania are at hand. We want to demonstrate leadership in promoting this growth. Our new home construction loan campaign is a step in this direction and I encourage people to participate.”
Wayne Bank offers a wide variety of innovative bank services including business and personal deposit and loan accounts delivered through multiple channels.
Customers enjoy doing business their way — in person in any of 16 office locations, using automated teller machines, online, via mobile phone, or by simple telephone. To apply for a new construction mortgage or inquire about any banking services call 1-800-598-5002 or visit a community bank office today.
Learn more about Wayne Bank online at waynebank.com.
Wayne Bank Offices are located in Honesdale, on Main Street and on Willow Avenue, Waymart, Hawley, Milford, Shohola, Lakewood, Stroudsburg at the Mall and on 9th Street, Lords Valley Marshalls Creek, Tannersville, Central City Scranton, West Scranton, Clarks Summit, and Effort.
Wayne Bank is a Pennsylvania State Chartered Bank and a subsidiary of Norwood Financial Corporation with stock traded on the NASDAQ national market under the symbol NWFL. Member FDIC.
1. National Home Builders’ Association website nahb.com. 2. Based on a minimum credit score of 740 and subject to Wayne Bank’s credit policy. A $250,000 loan with an Annual Percentage Rate of 3.553 percent would cost $1449.90 per month for 240 months (maximum term) with a 10 percent down payment and auto draft from a Wayne Bank checking account. Some restrictions apply. Minimum & maximum amounts may apply.
Other rates & terms available. Additional fees & closing costs available on request.