Posted on June 20, 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 St. Mary’s Credit Union.
So far in FY2017, St. Mary’s Credit Union has made 30 ONE Mortgage loans and provided $5.8 million in private financing to first-time homebuyers. The median household income of these homebuyers is $54,075.
St. Mary’s Credit Union is an example of MHP’s efforts to devote more time and resources to expand its number of lenders both big and small so it can provide homeownership opportunities to all corners of Massachusetts.
St. Mary’s Credit Union's main location is in Marlboro but it has branch offices in Hudson, Northborough and Westborough. St. Mary’s started making ONE loans in 2014. Now, it is the seventh most productive lender in Massachusetts and is tied for being the top lender in Worcester in 2017.
Check out this essay in the 2016 annual report and see how St. Mary’s Credit Union helped a MonaLisa McArthur achieve the security of homeownership for her and her daughter.
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 St. Mary’s Credit Union for incorporating ONE Mortgage into its menu of opportunities for its customers and for helping low- and moderate-income Massachusetts first-time homebuyers like MonaLisa McArthur 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.