Johnstown, PA – AmeriServ Financial Bank (NASDAQ: ASRV) announced today that it has expanded its affordable mortgage offerings to include the AmeriServ Community Loan Program. This new offering is available market-wide to prospective homeowners who meet market income guidelines.
For consumers who meet program criteria and reside within the City of Johnstown, this new mortgage product may be used in tandem with the City’s recently announced down payment assistance program. Representatives for the City of Johnstown announced during its American Rescue Plan Town Hall meeting on May 12, 2022, that it intended to earmark $2.0 million for the purpose of assisting people residing within the City of Johnstown with down payment and closing costs relief. Residents who meet low to moderate income guidelines and have been prequalified for a mortgage are eligible to receive up to a $10,000 grant to assist with home ownership.
“We developed the AmeriServ Community Loan Program because we have a vested interest in helping people living within our communities realize their dream of home ownership. We find that there is often a misconception among people who rent dwellings that they cannot afford to purchase a home. Programs like the AmeriServ Community Loan Program when coupled with assistance from local municipalities such as the one currently being offered by the City of Johnstown, make it possible to not only assist homebuyers, but they also help to revitalize neighborhoods,” Jeff Stopko, AmeriServ president and chief executive officer, said.
He added, “As a community bank headquartered within the City of Johnstown, we are committed to helping the neighborhoods we call home continue to be viable and thriving. When homes are occupied, it’s possible to restore a sense of community and ownership to areas that may otherwise become or remain distressed and overlooked. This program compliments our mission to assist our communities enhance quality of life, nurture financial education, and offer products and services that provide solutions and opportunities for all of our constituents.”
About the AmeriServ Community Loan Program
This program may be ideal for you, if you meet the following requirements –
- Terms up to 30 Years are Available
- The home in question will be your primary residence.
- Earn an income less than or equal to 80% of your area’s median income.
- .50% Reduction to Interest Rate
- Low Down Payment (only 3% required)
- No Mortgage Insurance Required
- No Loan Origination Fee
- AmeriServ Bank provides $500 toward closing costs (including a rate buy down) that can be combined with personal funds, gifts, or grants.
- Loan can be combined with Down Payment and Closing Cost Assistance Grant programs
Residents who may be interested in learning more about the AmeriServ Community Loan Program are encouraged to contact Sylvia J. King, AmeriServ community development officer, at 814-533-5373 or sking@ameriserv.com.
About AmeriServ Financial, Inc.
AmeriServ Financial, Inc. is the parent of AmeriServ Financial Bank and AmeriServ Trust and Financial Services Company in Johnstown, Pennsylvania. The Company’s subsidiaries provide full-service banking and wealth management services through 17 community offices in southwestern Pennsylvania and Hagerstown, Maryland. The Company also operates loan production offices in Altoona and Monroeville, Pennsylvania. On March 31, 2022, AmeriServ had total assets of $1.3 billion and a book value of $6.65 per common share. For more information, visit www.ameriserv.com.
