Posted on June 25, 2016
BOSTON --- June is National Homeownership Month and the Massachusetts Housing Partnership’s ONE Mortgage Program is celebrating it by highlighting the efforts of key lenders and nonprofit partners who have helped low- and moderate-income first-time homebuyers purchase their first home.
Today’s spotlight is on Urban Edge.
So far in FY 2016, Urban Edge has provided pre-purchase, first-time homebuyer education to 40 ONE Mortgage homeowners. The average income of the ONE borrowers Urban Edge has served is $67,942.
Thank you Urban Edge 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.