Posted on June 28, 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 Way Finders, the Springfield-based western Massachusetts nonprofit formerly known as HAPHousing.
So far in FY2017, 19 prospective buyers that went through Way Finder’s homebuyer education programs ended up buying their first home with a ONE Mortgage loan.
The median income of Way Finder’s ONE buyers - $41,600 – illustrates Way Finders continuing dedication to its mission of helping low-income families find housing as well as the reach of ONE Mortgage, the state’s most affordable mortgage program.
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.
Way Finder’s is part of a network of homebuyer educators across the state that is doing a good job making sure first-time homebuyers are on sound financial footing before taking one of the biggest steps of their lives. For more information, go to the Way Finders homownership services web site or email homeownership@wayfindersma.org.
Despite Way Finder’s success, it’s a fact that it’s tough to buy a home in Massachusetts these days. The last time we looked at the data for Massachusetts, state inventory was down 34 percent, prices were up 6 percent and sales were down 3.5 percent.
In this market, ONE Mortgage is more important than ever and we thank Way Finders 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.