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 Middlesex Savings Bank.
So far in FY2017, Middlesex Savings Bank has made 31 ONE Mortgage loans and provided $5.4 million in private financing to first-time homebuyers. The median household income of these homebuyers is $59,533.
Middlesex Savings Bank is an example of MHP’s efforts to devote more resources and training time to expand its number of lenders. Middlessex Savings Bank became a ONE Mortgage lender in 2013. Now it is one of the top 10 ONE lenders in Massachusetts.
Middlesex Savings Bank’s participation means low- and moderate-income first-time buyers in MetroWest have another opportunity to benefit from ONE, the state’s most affordable mortgage program.
The bank was founded in Concord in 1834 as the Middlesex Institution for Savings. In 1982, it merged with the Natick Five Cents Savings Bank and became Middlesex Savings Bank. As part of the merger, it moved its headquarters to the Natick Five Cents building in downtown Natick.
While it has maintained its status as a mutual bank, Middlesex Savings has grown steadily over the years, merging with the Assabet Institution for Savings in 1988 and Medway-based Strata Bank in 2009. It now has main commercial offices in Natick and Westborough and 30 branches in just about every town in MetroWest.
To inquire whether a ONE Mortgage loan from Middlesex is right for you, go to Middlesex Bank’s mortgage loan page and contact a loan officer.
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 Middlesex Savings 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.