Posted on June 30, 2016
BOSTON --- MHP's ONE Mortgage Program is concluding its celebration of its partners and National Homeownership Month by recognizing the Allston-Brighton Community Development Corporation for all it does to help low- and moderate-income first-time buyers purchase a home in the red-hot Boston real estate market.
So far in FY 2016, Allston Brighton CDC has provided pre-purchase, first-time homebuyer education to 22 ONE Mortgage homeowners. The average income of the ONE borrowers Allston Brighton CDC has served is $57,869.
That's quite an achievement for a nonprofit whose longtime residents must compete with students and absentee landlords who drive up housing costs.
Thank you Allston Brighton CDC for your commitment to Massachusetts first-time homebuyers and the ONE Mortgage Program.
About ONE Mortgage: Prosperous families. Stable and secure neighborhoods. Sound, private-sector loans that get repaid. That’s what ONE Mortgage delivers.
Since 1990, ONE Mortgage and its predecessor – the SoftSecond Loan Program – have helped more than 19,300 low- and moderate-income families purchase their first home and has delivered over $3.1 billion in below-market, private mortgage financing.
Offered by 34 lenders statewide and with more set to join shortly, ONE Mortgage is a 30-year, fixed-rate loan with a minimum 3 percent down payment (5 percent for three-family properties). State interest subsidies are used to reduce monthly payments in the early years of homeownership and then public funds are repaid by borrowers when they successfully sell their home or refinance out of the program. No mortgage insurance is required.
For more information about ONE Mortgage, go to www.mhp.net/onemortgage.