MassHousing and Metro Credit Announce 'At Home in Lawrence' Mortgage Program
By Tom Farmer
Corporate Communications, MassHousing
From left, Metro Cedit Union Mortgage Originator Francisco Espaillat; Lawrence Mayor Daniel Rivera; Metro Credit Union CEO Robert Cashman: MassHousing Chief Administrative Officer Phil Hillman; MassHousing Home Ownership Relationship Manager Mounzer Aylouche.
LAWRENCE – MassHousing and Metro Credit Union, in partnership with the City of Lawrence, have announced the 'At Home in Lawrence' mortgage loan program for the low- and moderate-income homebuyers and homeowners who want to purchase or refinance their properties and include the cost of repairs and property upgrades into the financing.
Insured by MassHousing and financed by Metro Credit Union, the program offers expanded loan to values and less restrictive reserve and credit requirements for low- and moderate-income borrowers.
The Lawrence Community Development Department will oversee the management of At Home in Lawrence. In addition to providing financing for home purchases, Lawrence residents will be able to obtain financing to cover the costs of alterations, renovations, additions, accessibility improvements and repairs to their homes. This will help revitalize properties within the city.
"The At Home in Lawrence Program creates an appealing option for potential homebuyers within and outside of Lawrence," said Mayor Daniel Rivera. "We continue with our promise of finding ways to create cheaper mortgages and help improve the livability, safety or utility of our existing home properties. This is not only in the best interests of the city, but also for existing homeowners who take pride in being part of the Lawrence community."
MassHousing's Mortgage Insurance Fund will provide mortgage insurance for loans provided by Metro Credit Union, including MassHousing's MIPlus product that will pay a borrower's principal and interest payment for up to six months in the event they become unemployed.
"Providing more homeownership opportunities to residents of Lawrence takes a cooperative effort between the city and public, private and non-profit partners, and that is what has been established with the creation of At Home in Lawrence. Lower and moderate-income borrowers now have one combined resource for city programs, homebuyer education and mortgage financing to help qualified homebuyers purchase homes and help homeowners renovate their homes and revitalize their neighborhoods," said MassHousing Executive Director Thomas R. Gleason.
Metro Credit Union President and CEO Robert Cashman said MCU is making a concerted effort with MassHousing to increase homeownership opportunities in Lawrence.
"Our relationship with MassHousing shares many common goals. One of the strongest is to give affordable lending options to residents in our communities and help them achieve their own financial goals,” said Cashman. "The At Home in Lawrence Program further enables Metro to expand efforts regarding property revitalization and home ownership growth in the City of Lawrence."
Metro Credit Union is the largest state-charted credit union in Massachusetts and has 15 branches in Massachusetts.