Bank funds mortgage plan; Ballston Spa National's program to help qualified first-time homebuyers.(Business)

Byline: CHRIS CHURCHILL - Business writer

BALLSTON SPA - Ballston Spa National Bank announced on Thursday the creation of a $10 million loan program devoted to helping first-time homebuyers.

The program, which is similar to those offered at other banks in the Capital Region, allows first-time buyers to purchase a single-family home without a down payment.

The timing of Thursday's announcement is apt - though bank officials say coincidental - as it comes amid a national spike in foreclosures that is leading some lenders to tighten rules.

And the fact that it's getting harder to get a mortgage could lead borrowers to the Ballston Spa program. …