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FDIC-Insured - Backed by the full faith and credit of the U.S. Government

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FDIC-Insured - Backed by the full faith and credit of the U.S. Government

COMMUNITY ADVANTAGESM LOAN PROGRAM

Our Community AdvantageSM Loan Program is designed for homebuyers purchasing or refinancing their primary residence in the designated Program Area1 within Essex, Morris, Somerset, Sussex and Union counties.

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30-Year Fixed Community AdvantageSM

5.750%Rate  |  5.796%APR*

 

Features

  • A fixed interest rate for the entire term of your loan
  • Down payment as low as 5%
  • Some borrowers may qualify for lender paid Private Mortgage Insurance (PMI)
  • No income limitations for borrowers
  • Additional Special Rate Discount** of .25% for loans in a low-income census tract within the Program Area1

Plus, certain approved borrowers for a Community AdvantageSM Loan may be eligible for our Community AdvantageSM Subsidy2 which offers $5,000 towards closing costs or down payment expenses.

 

Community AdvantageSM Loan Program Interest Rate Annual Percentage Rate (APR) Monthly Principal & Interest Payment Amount*
  5.750% 5.796% 360 equal and consecutive monthly payments of $1,896.61*
**Low Income Census Tract in Program Area1 5.500% 5.545% 360 equal and consecutive monthly payments of $1,845.31*

1Program Area: Community AdvantageSM Loan is available in the following counties in NJ: Essex, Morris, Somerset, Sussex and Union counties in designated Majority Black and Hispanic Census Tracts (MBHCT). Contact your Provident Bank Mortgage Loan Officer to determine if your property is in a low income census tract or MBHCT area.

2The Community AdvantageSM Subsidy is available only to income-qualified borrowers for the purchase of a primary residence located in the Community AdvantageSM Loan Program Area in NJ (Essex, Morris, Somerset, Sussex, and Union Counties in NJ). Borrowers can use the Community AdvantageSM Subsidy dollars towards down payment or closing cost assistance.

*Annual Percentage Rate (APR) effective as of May 26, 2026 and subject to change anytime. Community AdvantageSM assumptions and disclaimers for rates and payment examples are based on: $325,000 loan amount, a minimum credit score of 620, 95% LTV, purchase of the borrower’s primary residence, single family detached property, first lien mortgage. Principal and interest payments do not include taxes or insurance. Actual payment obligation may be greater. Maximum loan amount is $766,550. Borrowers may be required to complete an accredited home ownership course to qualify. Subject to credit approval. Other financing options are available for 2-4 family properties under the Community AdvantageSM Loan Program, ask your Provident Mortgage Representative for more details.

Lender NMLS #645602

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