Posted on June 27, 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 the NeighborWorks HomeOwnership Center of Central Mass.
Based in Worcester, the homeownership center does a great job educating homebuyers about their options. So far in FY2017, 24 households that went through its homebuyer education programs ended up buying their first home with a ONE Mortgage loan. The median income of these buyers was $60,370.
Homebuyer education is a requirement 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. The HomeOwnership Center of Central Mass. is part of a network of educators around the state that helps make sure that first-time buyers are on sound finanacial footing before they take the biggest step of their lives.
The 2016 MHP annual report has a real-life example of how the homeownership center helps first-time buyers realize the dream of homeownership. Check out how the center’s Janiece Diaz helped working mom MonaLisa McArthur do something she never thought possible – own a home.
For more information about the center’s homebuyer education programs, contact Angel Serrano at 508-791-2170 x226 or aserrano@hoccm.org.
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 the NeighborWorks HomeOwnership Center of Central Mass. 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.