Posted on June 15, 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 Merrimack Valley Housing Partnership (MVHP).
Based in Lowell, MVHP has been a leader in shaping the statewide homebuyer education curriculum. Its longtime executive director, Jim Wilde, sits on the board of directors for the Massachusetts Homeownership Collaborative, the organization that oversees homebuyer education and counseling agencies in Massachusetts.
Since 1991, more than 16,000 families have done their home buyer training at MVHP. In addition MVHP also offer credit counseling classes, landlord training seminars, and administrative and technical support for down payment assistance programs. Over 6,000 families who have gone through MVHP have bought homes. According to a UMass Lowell study, foreclosure rates for these buyers have been miniscule.
Another thing MVHP is good at is telling success stories. Two or three times a year, their staff posts in newsletters and on their excellent Facebook page inspiring stories about families bought their first home and what it means to them.
In a recent interview, Wilde said MVHP devotes “a large segment of their time to storytelling” because success stories illustrate what’s possible and it also informs donors “that their money is being put to really good use.”
Here’s a recent MVHP story about Denisa Mena, who bought her first home with ONE Mortgage.
So far in FY2017, 40 homebuyers who took classes at MVHP ended up buying their first home through the ONE Mortgage Program. The median household income of these buyers is $58,418.
“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,” said Clark Ziegler, MHP’s executive director. “Merrimack Valley is a leader in homebuyer education and our program’s success is due to the hard work of organizations like Merrimack Valley."
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 in making sure there are opportunities for lower-income and minority homebuyers. We thank MVHP 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.