Posted on June 29, 2017
BOSTON --- With National Homeownership Month winding down and Fourth of July right around the corner, it seems fitting that MHP is saluting Springfield's Freedom Credit Union for helping low- and moderate-income first-time buyers realize the American Dream.
So far in FY 2017, Freedom Credit Union has closed 16 ONE Mortgage Loans totaling over $2.1 million in private financing.
Most impressive is the income range that Freedom Credit Union is reaching as the median income of the buyers who bought their first home with ONE Mortgage is $43,369.
Freedom Credit Union is an example of MHP’s efforts to devote more resources and training time to expand its number of lenders. Freedom Credit Union closed its first loan in 2014. It has been a consistent ONE lender ever since and has been one of ONE Mortgage’s top lenders in Springfield for the past two years.
With two lenders added this week, 40 lenders now offer ONE. It is the most lending partners in the program's history.
Headquartered in Springfield with city branch offices in the Sixteen Acres neighborhood and inside Putnam Voke high school, Freedom also has branches in Agawam, Ludlow, Chicopee, Easthampton, Northampton, Turners Falls and Greenfield. To find out if a ONE Mortgage loan from Freedom Credit Union is right for you, go to Freedom’s mortgage web page and contact a loan officer.
Freedom Credit Union’s participation means low- and moderate-income first-time buyers in Western Mass. have another opportunity to benefit from ONE, the state’s most affordable mortgage program. Thank you Freedom Credit Union for your commitment to Massachusetts first-time homebuyers and 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.