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Affordable Home Equity Loan Program

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Rooted in the Community

Our Affordable Home Equity Loan Program(1) provides a 0.25% discount on our Fixed Rate Home Equity Loan rates to those in Northfield Bank's Lending Territory(2) who:

Home Equity Loans generally have lower interest rates than most consumer credit options and are a great way to pay down higher-interest debit or finance major purchases such as home improvements and educational costs.


Click here for information to see if you qualify for this amazing opportunity to lock in a lower interest rate on a Fixed Rate Home Equity loan!

Program Details

  • Flexible Term Options
  • Apply Online or Download Application
  • Automatic Payment Rate from the Checking Account of Your Choice(3)
Do I Qualify?

The Northfield Affordable Home Equity Loan Program(1) is available for residences located in a low or moderate-income (LMI) census tract in Northfield Bank’s Lending Territory(2) OR the borrower is located anywhere within Northfield Bank’s Lending Territory(2) and the borrower’s eligible qualifying income is less than 80% of the county median family income.

 

Northfield Bank's Lending Territory is defined as:

  • New Jersey Counties: All counties.
  • New York Counties: Bronx, Kings, Manhattan, Nassau, Orange, Queens, Richmond, Rockland, Suffolk and Westchester.
  • Pennsylvania Counties: Berks, Bucks, Carbon, Chester, Cumberland, Dauphin, Delaware, Lackawanna, Lancaster, Lehigh, Luzerne, Monroe, Montgomery, Northampton, Philadelphia, Pike, Perry, Schuylkill, Wayne and York.
Do I Qualify?

NJ Low to Moderate Income Borrower Chart

County Median Family Income (MFI) 80% of MFI County Median Family Income (MFI) 80% of MFI
Atlantic $100,500 $80,400 Mercer $125,900 $100,720
Bergen $129,500 $103,600 Middlesex $146,200 $116,960
Burlington $114,700 $91,760 Monmouth $130,600 $104,480
Camden $114,700 $91,760 Morris $130,300 $104,240
Cape May $111,700 $89,360 Ocean $130,600 $104,480
Cumberland $75,800 $60,640 Passaic $129,500 $103,600
Essex $130,300 $104,240 Salem $114,700 $91,760
Gloucester $114,700 $91,760 Somerset $146,200 $116,960
Hudson $100,200 $80,160 Sussex $130,300 $104,240
Hunterdon $146,200 $116,960 Union $130,300 $104,240
      Warren $115,100 $92,080

NJ Low to Moderate Income Borrower Chart

  • Median Family Income (MFI)

  • 80% of MFI

  • County

  • Median Family Income (MFI)

  • 80% of MFI

NY Low to Moderate Income Borrower Chart

County Median Family Income (MFI) 80% of MFI County Median Family Income (MFI) 80% of MFI
Bronx $97,600 $78,080 Queens $97,600 $78,080
Kings $97,600 $78,080 Richmond $97,600 $78,080
Nassau $156,200 $124,960 Rockland $133,400 $106,720
Manhattan $96,700 $78,080 Suffolk $156,200 $124,960
Orange $114,800 $91,840 Westchester $156,200 $124,960

NY Low to Moderate Income Borrower Chart

  • Median Family Income (MFI)

  • 80% of MFI

  • County

  • Median Family Income (MFI)

  • 80% of MFI

PA Low to Moderate Income Borrower Chart

County Median Family Income (MFI) 80% of MFI County Median Family Income (MFI) 80% of MFI
Berks $93,700 $74,960 Luzerne $83,000 $66,400
Bucks $114,700 $91,760 Monroe $103,500 $82,800
Carbon $98,300 $78,640 Montgomery $114,700 $91,760
Chester $114,700 $91,760 Northampton $98,300 $78,640
Cumberland $97,900 $78,320 Philadelphia $114,700 $91,760
Dauphin $97,900 $78,320 Pike $96,000 $76,800
Delaware $114,700 $91,760 Schuykill $79,600 $63,680
Lackawana $83,000 $66,400 Wayne $79,300 $63,440
Lancaster $106,700 $85,360 York $105,100 $84,080
Lehigh $98,300 $78,640      

PA Low to Moderate Income Borrower Chart

  • Median Family Income (MFI)

  • 80% of MFI

  • County

  • Median Family Income (MFI)

  • 80% of MFI

(1) All loans are subject to credit approval. Available for home equity closed end loans, for owner-occupied primary or secondary 1 to 2-family residences and either: (a.) located in a low or moderate-income (LMI) census tract in Northfield Bank’s lending territory OR (b.) located anywhere within Northfield Bank’s Lending Area and the borrower’s eligible qualifying income must be less than 80% of the county median family income, as designated in the chart found above.

(2) Northfield Bank’s lending territory is defined as all counties in NJ; Bronx, Kings, Manhattan, Nassau, Orange, Queens, Richmond, Rockland, Suffolk and Westchester counties in NY; and Berks, Bucks, Carbon, Chester, Cumberland, Dauphin, Delaware, Lackawanna, Lancaster, Lehigh, Luzerne, Monroe, Montgomery, Northampton, Perry, Philadelphia, Pike, Schuylkill, Wayne and York counties in PA.

(3) The rates for fixed rate loans include a .25% reduction for automatic payment deduction from a checking account acceptable to Northfield Bank and enrollment in E-Statements. Automatic Payment Deduction must be established at account opening. Enrollment in E-Statements must be established within 30 days of account opening. In order to maintain the rate reduction, automatic payment deduction and enrollment in E-Statements must remain for the term of the loan.

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