Posted on June 12, 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 who have helped low- and moderate-income first-time homebuyers purchase their first home.
Today’s lender spotlight is on long-time partner Santander Bank. So far in FY2017, Santander has:
• Closed 168 ONE Mortgage loans
• Provided over $45 million in private financing
• Served first-time homebuyers with an average annual income of $57,214.
Santander is the top ONE Mortgage lender in Massachusetts and also is the most active lender in gateway cities (80 loans) and Lawrence (30 loans).
Buying a home in Massachusetts isn’t easy. According to the Massachusetts Association of Realtors, 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 to first-time buyers than ever and we thank Santander Bank for its continuing commitment to helping low- and moderate-income Massachusetts first-time homebuyers.
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 over $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.