Posted on June 29, 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.
With school out, summer here and Fourth of July around the corner, we thought it timely to give a shout out to the Housing Assistance Corporation of Cape Cod (HAC) for its role in increasing year-round homeownership on the Cape.
So far in FY2017, 16 prospective buyers that went through HAC’s homebuyer education programs ended up buying their first home with a ONE Mortgage loan.
The median income of HAC’s ONE buyers - $47,838 – illustrates HAC’s continuing dedication to its mission of helping low-income year-round Cape families find housing. The average median income also illustrates 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.
HAC 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 homebuyer education section on the HAC web site.
Despite HAC’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 HAC 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.
Here are the other top education and lending partners MHP has recognized during National Homeownership Month. http://www.mhp.net/news?query=...
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.