PITTSFIELD, Mass. - Greylock FCU, the second largest financial institution in Berkshire County, has joined the network of MassHousing approved lenders. This means the $848 million credit union is able to offer the full range of MassHousing's affordable home loan programs and mortgage insurance products to low- and moderate-income consumers and families who live or work in Berkshire County.
The Massachusetts Housing Finance Agency, now doing business as MassHousing, is the leading provider of affordable housing in the state. Since 1970 it has provided more than $9.4 billion in financing for more than 80,000 units of mixed-income rental housing and over 43,000 mortgage loans for first-time homebuyers.
As a result of the partnership, Greylock FCU is approved to originate MassHousing's 30-year fixed-rate MassAdvantageT home mortgage loans for income-eligible first-time homebuyers. The loans have both low- and no-downpayment options and below market interest rates.
To qualify for a MassHousing MassAdvantage loan, a one-to-two-person household in Berkshire County can earn up to $75,700 and buy a single-family home or condo for up to $263,368. In addition to single-family homes and condos, eligible home buyers can also use a MassHousing MassAdvantage loan to buy a two-family home for up to $299,455 and three- and four-family homes for up to $361,953.
Greylock will also be able to offer Fannie Mae's My Community loans for borrowers with more moderate incomes.
In addition to originating MassAdvantage loans, Greylock FCU will be able to offer its own portfolio loans with MassHousings MI PlusT, an enhanced mortgage insurance policy that helps pay the borrower's mortgage for up to six months if they lose their job.
For income-eligible Greylock FCU members who already own a home, the credit union will be able to offer MassHousing's Home Improvement Loan, Septic Repair Loan, and the Get the Lead Out Loan for lead paint abatement.
Greylock's Paula Lewis, assistant vice president of mortgage lending emphasized the ease of the program for borrowers and said "MassHousing is a perfect fit with Greylock's philosophy of treating everyone better than they expect, and offering them the greatest number of options."