Twenty-six Mortgage Lenders, Over 1,000 First Time Homebuyers Utilize Mass Homeownership Compact in its First Six Months
Dorchester – Friday, June 13, 2014 – Governor Deval Patrick today stood with MAHA President Esther Maycock-Thorne, recent MAHA homeowner Angelina Goncalves, and newly elected state reprentative Evandro Carvalho to announce new support for homeownership opportunities for first-time homebuyers across the Commonwealth, including the production of new affordable homes and access to reduced-cost mortgages through various lenders. The announcement comes as 26 mortgage lenders and over 1,000 first time homebuyers have signed on and utilized the Mass Homeownership Compact, a commitment among lenders to originate mortgage loans to first-time home buyers with household incomes below the area median income.
“Investing in housing generates jobs, grows local businesses and strengthens our communities,” said Governor Patrick. “Supporting reasonably priced housing for moderate and middle income families, along with our strategy of investing in education, innovation and infrastructure, will fuel sustainable long term economic growth.”
June 4, 2014 - In a return to the "bad old days" of high cost lending, Bank of America has withdrawn from the state's most affordable mortgage program and is instead directing first time homebuyers to costly FHA mortgages. MAHA and the Homeownership Action Network released a report today detailing the impact of Bank of America's decision to no longer offer mortgages under the ONE Mortgage program through the Massachusetts Housing Partnership.
In the Boston Globe, Esther Maycock-Thorne, MAHA's president said Bank of America should do more to help lower-income homebuyers. Bank of America has an extensive branch network in the state, takes in nearly $58 billion in deposits from Massachusetts customers, and offers other products, including wealth management, she noted.
“They’re in our communities and in our neighborhoods, why aren’t they offering this product? I really don’t get it why the largest bank in the state isn’t offering the most affordable loan program.”
MAHAMassachusetts Affordable Housing Alliance
1803 Dorchester Avenue
Dorchester, MA 02124
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