Posted on June 22, 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 Citizens Bank.
So far in FY 2016, Citizens has closed 86 ONE Mortgage loans totaling almost $19 million in private financing. Citizens is the program’s top lender in Springfield. The average income of buyers who bought their first home with a ONE Mortgage loan from Citizens is $60,000.
Thank you Citizens Bank for your continuing commitment to low- and moderate-income Massachusetts first-time homebuyers.
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 lendersstatewide 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.