Posted on June 28, 2016
BOSTON --- With National Homeownership Month winding down and Fourth of July right around the corner, it seems fitting that MHP is saluting Springfield's Freedom Credit Union for helping low- and moderate-income first-time buyers realize the American Dream.
So far in FY 2016, Freedom Credit Union has closed 29 ONE Mortgage Loans totaling over $3.8 million in private financing. The average income of the buyers who bought their first home with a ONE Mortgage loan from Freedom Credit Union is $42,418.
Freedom Credit Union is ONE Mortgage’s No. 2 lender in Springfield. Headquartered in Springfield with city branch offices in the Sixteen Acres neighborhood and inside Putnam Voke high school, Freedom also has branches in Agawam, Ludlow, Chicopee, Easthampton, Northampton, Turners Falls and Greenfield.
Thank you Freedom Credit Union 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 and home and has delivered over $3.1 billion in below-market, private mortgage financing.
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.