Posted on June 23, 2017
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. Today’s lender spotlight is on Leader Bank.
So far in FY2017, Leader Bank has made 31 ONE Mortgage loans and provided $7.4 million in private financing to first-time homebuyers. The median household income of these homebuyers is $68,356.
Leader Bank is an example of MHP’s efforts to devote more resources and training time to expand its number of lenders. Leader Bank became a ONE Mortgage lender in 2015. Two years later, it is one of the top 10 ONE lenders in Massachusetts.
Leader Bank’s participation means low- and moderate-income first-time buyers in metro Boston have another opportunity to benefit from ONE, the state’s most affordable mortgage program.
Leader is based in Arlington. It has three branches in Arlington, and single branches in Belmont, Burlington, Cambridge and Boston’s Seaport Innovation District. To inquire whether a ONE Mortgage loan from Leader Bank is right for you, go to Leader Bank’s Mortgage Loan web page.
These days, buying a home in Massachusetts isn’t easy. Statewide, inventory is down 34 percent, prices are up 6 percent and sales are down 3.5 percent.
In this market, ONE Mortgage is more important than ever and we thank Leader Bank for incorporating ONE Mortgage into its menu of opportunities for its customers and for helping low- and moderate-income Massachusetts first-time homebuyers through 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 20,000 low- and moderate-income families purchase their first and home and has delivered $3.5 billion in below-market, private mortgage financing. Currently, 38 lenders offer ONE Mortgage.
ONE Mortgage is a 30-year, fixed-rate loan with a minimum 3 percent down payment (5 percent for three-family properties). ONE homebuyers save more each month because they do not have to pay for costly private mortgage insurance.
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.
For more information about ONE Mortgage, go to www.mhp.net/onemortgage.