BOSTON -- Saugus Federal Credit Union is bringing affordable home loan products to its members through MassHousing's MassAdvantage.
MassHousing is part of the Massachusetts Housing Finance Industry, a self-supporting, independent public authority that aims to increase affordable home ownership opportunities in Massachusetts. The Massachusetts Housing Finance Industry was created in 1966 by the Massachusetts Legislature. As a MassHousing-approved lender, Saugus will originate MassHousing's MassAdvantage home mortgage loans for income-eligible homebuyers. The loans have low-and no-down payment options and below-market interest rates.
"Saugus Federal Credit Union is very pleased and proud to be able to expand our products and services as a MassHousing-approved lender," said President John Smolinsky. "We are constantly looking for ways to enhance and expand upon our services to meet the ever-changing needs of our members. We look forward to helping residents of Saugus and surrounding communities achieve the goal of homeownership."
To qualify for a low-cost MassAdvantage loan a one- to two-person household can earn up to $85,800 and buy a single-family home or condominium for up to $428,000. Households with three or more people can earn up to $98,600 and potentially qualify for the loan. Income limits and home purchase price limits vary from region to region.
Borrowers who put less than 20% down on a home can receive MassHousing's MI Plus, an enhanced mortgage insurance policy that helps pay the borrower's mortgage for up to six months if they lose their job. MassHousing's MyCommunity loan will also be available to Saugus members who earn too much to qualify for MassAdvantage loans.
"We are very pleased to welcome Saugus Federal Credit Union as a lending partner in our mission to provide quality, affordable mortgage financing for low- and moderate-income borrowers," said Thomas Gleason, MassHousing executive director.