Posted on June 28, 2016
BOSTON --- National Homeownership Month is winding down but we couldn't let it pass without saluting the South Middlesex Opportunity Council (SMOC) for its work supporting 1st-time homebuyers and the ONE Mortgage Program.
So far in FY 2016, SMOC's Housing Consumer Education Center has provided pre-purchase, first-time homebuyer education to 25 ONE Mortgage homeowners. The average income of the ONE borrowers SMOC has served is $57,552.
A multi-service agency headquartered in Framingham, SMOC provides a wide range of housing and supportive services in Middlesex, Worcester and Hampden counties.
Thank you SMOC 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.
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.