Fairhaven-based lender can now insure loans with MassHousing’s signature mortgage insurance
BOSTON – April 9, 2015 – (RealEstateRama) — MassHousing announced today that Southern Mass Credit Union (SMCU) is now approved to insure home mortgage loans with MassHousing’s signature MI Plus™ mortgage insurance.
Based in Fairhaven with offices in New Bedford and Fall River, Southern Mass Credit Union will now be able to insure Home for the Brave, Municipal Program and Buy Cities loans with MI Plus™, an enhanced mortgage insurance policy that helps pay the borrower’s mortgage for up to six months in the event they lose their job. These loan programs involve approved lenders originating loans with their own funds insured by MassHousing MI Plus™ as opposed to MassHousing-financed loans.
“By being able to provide MassHousing’s MI Plus™ mortgage insurance with the home loans they originate Southern Mass Credit Union will be able to help more qualified low and moderate-income borrowers achieve the benefit of owning their own homes,’’ said MassHousing Executive Director Thomas R. Gleason.
MassHousing, a quasi-public authority charged with increasing affordable home ownership opportunities in Massachusetts, does not originate its own loans. MassHousing partners with approximately 150 lenders in Massachusetts to provide MassHousing Mortgages to income-eligible homebuyers. These loans have 30-year fixed rates, low down payment options and competitive interest rates.
“Southern Mass Credit Union is extremely pleased to participate in the MassHousing MI Plus™ mortgage insurance program,’’ said SMCU President and CEO Daniel E. Waltz. “We look forward to partnering with MassHousing to help facilitate qualified first-time homebuyers throughout the Massachusetts counties of Bristol, Barnstable, Plymouth, Dukes and Nantucket realize the dream of owning their first home.
About Southern Mass Credit Union
Established in 1922, SMCU is celebrating more than 90 years of service excellence and financially sound operations.
SMCU offers a great variety of services and products and their knowledgeable loan representatives are well-trained to assist with all financial planning needs. For more information about SMCU please visit www.southernmass.com.
MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966 and charged with providing financing for affordable housing in Massachusetts. The Agency raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and/or mixed-income rental housing. MassHousing does not use taxpayer dollars to sustain its operations, although it administers some publicly funded programs on behalf of the Commonwealth.
Since its inception, MassHousing has provided more than $17 billion for affordable housing. For more information, visit the MassHousing website at www.masshousing.com, follow us on Twitter @MassHousing, subscribe to our blog and Like us on Facebook.
Eric Gedstad: 617.854.1079 | egedstad (at) masshousing (dot) com
Tom Farmer: 617.854.1843 | tfarmer (at) masshousing (dot) com