Mortgage Program to Help in-Need Buyers

Thirteen credit unions that are involved in the plan include HarborOne Credit Union, out of its Centerville office. The nationwide program is an initiative by many credit unions that will provide $1 billion in below-market mortgages. The American dream of owning a home, and the ability to buy a home, are quickly becoming further apart, especially for those with modest means. Many residents of Massachusetts will now be able to step into home ownership, a dream that may not have been possible without the financial help from the credit unions.

A median income for specific areas will be established; to qualify for the special rates, the household income must be at or below that figure. The mortgage that will be available is a three year adjustable rate offered through participating credit unions. The loans will remain fixed at the initial rate for three years, then will adjust annually after that, but will not exceed one percent increase per year. The borrower can also refinance the loan before the fixed time is up. Only three percent will be needed for a down payment, with some of that being able to include gifts and grants.