With several days remaining in Fiscal Year 2019, MassHousing’s HomeOwnership first mortgage lending already ranks as the second highest total in Agency history.
In FY2019, which runs from July 1, 2018 to June 30, 2019, MassHousing has closed 3,042 first mortgage loans for $769.4 million. Lending is being driven largely by MassHousing’s Down Payment Assistance program, which has benefited 1,347 homebuyers. The lending totals mark a 41% increase over FY2018 in terms of number of loans, and a 44% increase in terms of financing amount.
"Massachusetts homebuyers continue to seek out MassHousing’s simple, straightforward and affordable mortgage loans," said Mounzer Aylouche, MassHousing's Vice President of HomeOwnership Programs. "New programs like Down Payment Assistance—along with such longstanding features as affordable fixed rates, MI Plus mortgage payment protection and in-house loan servicing—make MassHousing loans some of the most attractive options available."
Of those loans, 883 were made to minority homebuyers (up 80% from FY2018), 1,315 to lower-income borrowers (up 45%), and 1,943 to buyers in the Commonwealth’s 26 Gateway Cities (up 114%). Thirty-six loans were made to members of the National Guard and Reserves, active-duty military, Veterans and Gold Star Families through MassHousing’s Operation Welcome Home loan program.
In addition, MassHousing provided $3.2 million in second mortgage financing to help 127 homeowners remove hazardous lead paint, replace a failing septic system or make general improvements to their properties.