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  1. Home
  2. Personal Banking
  3. Mortgages & Lending
  4. Everyday Heroes Loan

Everyday Heroes Loan

An Exclusive Program for our Everyday Heroes*

This specialized mortgage loan option is designed for frontline workers looking to purchase their primary homes. It offers favorable terms that can help lower the barriers to home ownership for individuals who provide critical services to our communities. 

A competitive mortgage loan up to $2,000,000 for a primary home purchase.

 

Highlights

    • Conventional loan amount up to $806,500
    • Up to 100% of purchase price financed
    • Jumbo loans up to $2,000,000 require 10% down payment
    • Manufactured homes require 5% down payment
    • Ledyard will pay mortgage insurance
    • No origination fee
    • Ability to reduce your interest rate if you set up auto-deduct in your Ledyard account. 
    • Collateral: First mortgage lien only on owner-occupied single, a planned unit development, warrantable condominiums and double- wide manufactured home on owned land
    • Minimum credit scores required based on your down payment amount
 

Who's eligible?

This special home loan solution is for Law Enforcement, Firefighters, Nurses, First Responders, EMT, Military Personnel, Teachers and Professors.

 

Ready to Apply?

It's never been quicker and more convenient to apply for a mortgage. Let's get started!

Apply Now
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Questions?

To have a conversation about the loan process, contact Sarah Powell, Ed Bidlack or Heather Economides or stop by any one of our convenient financial centers.

 

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Sarah Powell, Vice President, Senior Residential Banking Advisor & Team Leader, NMLS#446222 Upper Valley Region

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Ed Bidlack, Vice President, Senior Residential Banking Advisor, NMLS#16682 Lake Sunapee Region

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Heather Economides, Vice President, Senior Residential Banking Advisor, NMLS#153962 Greater Concord & Bedford Region

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Frequently Asked Questions

How are Mortgage Pre-Approvals and Mortgage Pre-qualifications different?

  • Pre-approvals are authorized mortgage decisions that tell a home buyer how much home they’re permitted to purchase and for which mortgage rates and programs the buyers qualify. Pre-approvals use verified credit scores, income and asset information, and employment history. They’re a reliable, accurate tool to help you buy your home.
  • Pre-qualifications estimate how much home you can buy based on self-assessment and self-reporting.
 

Is it better to buy or rent?

Each person’s needs differ but a home is an investment.  The benefits of buying a home are:

  • You start to build equity for future needs.
  • There can be tax benefits when owning a home.†
  • Having a home provides stability and eliminates the risk of increasing rental expense.
 

What costs can I expect to pay at closing?

  • Appraisal
  • Credit Bureau Fee
  • Employment Verification Fee
  • Attorney Fee
  • Title Search and Filing Fees
  • Title Insurance
  • Tax Escrow Deposits – if you are required or elect to escrow for property taxes.
  • Homeowners Insurance Deposits – if you are required to escrow for insurance.
  • Tax Monitoring Fee
  • Transfer Tax
  • Flood Certificate
  • Manufactured home engineering certificate if a manufactured home
 

Do I have enough for a down-payment?

The down-payment depends on the type of loan you are obtaining and type of home you are purchasing. 

 

* Loans subject to credit and property approval. Additional terms and conditions may apply. Program subject to change or discontinuation. This special home loan solution is for Law Enforcement, Firefighters, Nurses, First Responders, EMT, Military Personnel, Teachers and Professors.

† The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes. Consult your tax advisor. 
 

How can we help you plan for what's next?

Let’s talk about how Ledyard Bank can support your financial journey. Contact us or open an account today—it’s fast, easy, and all about you.

Contact Us
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