Posted on June 23, 2016
Two of MAHA's many stalwarts - Hilda Fernandez (l) and Michelle Crockett - lead in the singing of happy birthday at MAHA's 30th anniversary of helping homebuyers.
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 the Massachusetts Affordable Housing Alliance (MAHA).
We are highlighting MAHA not just because of their support of ONE Mortgage but also because they’ve been a 30-year partner with MHP and helped create what is now the ONE Mortgage Program.
So far in FY 2016, MAHA has provided pre-purchase, first-time homebuyer education to 66 ONE Mortgage homeowners, with an average income of $63,766.
In 1990, MAHA and MHP worked with lenders, state and city government, and other community groups to create the SoftSecond Loan Program, which is now known as the ONE Mortgage Program.
The program was created in response to 1989 Federal Reserve Study that found widespread racial discrimination in mortgage lending within the City of Boston. SoftSecond and now ONE have combined to help over 19,300 families purchase their first home.
MAHA has been a beacon for first-time homebuyers ever since, offering pre-purchase education and post-purchase counseling. Just recently, MAHA celebrated its 30th anniversary and the occasion of having provided homeownership education to 25,000 homebuyers.
"We couldn't do what we do without the support of MAHA," said MHP Executive Director Clark Ziegler. "I can't think of another organization that we respect more for what it does to help homebuyers."
Thank you MAHA for your 30-plus year 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.