March 25, 2008
St. Mary's Approved As MassHousing Lender
By Matthew L. Brown
The Massachusetts Housing Finance Agency said Marlborough-based St. Mary's Credit Union has been approved as one of the agency's below market rate lenders.
St. Mary's will provide MassHousing's MassAdvantage line of affordable home loans to low- and moderate-income homebuyers in Worcester and Middlesex counties.
MassAdvantage loans carry low, or no downpayment requirements and offer below-market interest rates. Borrowers that put less than 20 percent down on a MassAdvantage loan receive the agency's insurance policy that helps borrowers pay their mortgage for up to six months if they lose their job.
St. Mary's will provide MassHousing's MassAdvantage line of affordable home loans to low- and moderate-income homebuyers in Worcester and Middlesex counties.
MassAdvantage loans carry low, or no downpayment requirements and offer below-market interest rates. Borrowers that put less than 20 percent down on a MassAdvantage loan receive the agency's insurance policy that helps borrowers pay their mortgage for up to six months if they lose their job.
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