Posted on June 22, 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 spotlight is on South Middlesex Opportunity Council (SMOC).
So far in FY2017, 29 households that went through SMOC’s homebuyer education programs ended up buying their first home with a ONE Mortgage loan. The average median income of these buyers is $60,370.
Homebuyer education is a key part of the ONE Mortgage Program. It helps first-time buyers understand what they can afford, and what mortgage program is the best fit for them.
SMOC offers classes for first-time homebuyers every month. To learn more, check out SMOC’s Housing Consumer Education Center web page.
Based in Framingham, SMOC’s service area covers the following MetroWest towns: Acton, Ashland, Boxborough, Canton, Carlisle, Concord, Dedham, Dover, Foxborough, Framingham, Holliston, Hopkinton, Hudson, Lincoln, Littleton, Marlborough, Maynard, Medfield, Medway, Millis, Natick, Needham, Norfolk, Norwood, Plainville, Sharon, Sherborn, Stoughton, Stow, Sudbury, Walpole, Wayland, Wellesley, Weston, Westwood, Wrentham.
These days, buying a home in Massachusetts and the Greater Boston area 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 SMOC for its continuing dedication to helping low- and moderate-income first-time buyers make the right choice so they stay in their homes for the long run and build wealth that they can pass onto future generations.
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.
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.