BOSTON — Saugus Federal Credit Union is bringing affordable homeloan products to its members through MassHousing'sMassAdvantage.

MassHousing is part of the Massachusetts Housing FinanceIndustry, a self-supporting, independent public authority that aimsto increase affordable home ownership opportunities inMassachusetts. The Massachusetts Housing Finance Industry wascreated in 1966 by the Massachusetts Legislature. As aMassHousing-approved lender, Saugus will originate MassHousing'sMassAdvantage home mortgage loans for income-eligible homebuyers.The loans have low-and no-down payment options and below-marketinterest rates.

“Saugus Federal Credit Union is very pleased and proud to beable to expand our products and services as a MassHousing-approvedlender,” said President John Smolinsky. “We are constantly lookingfor ways to enhance and expand upon our services to meet theever-changing needs of our members. We look forward to helpingresidents of Saugus and surrounding communities achieve the goal ofhomeownership.”

To qualify for a low-cost MassAdvantage loan a one- totwo-person household can earn up to $85,800 and buy a single-familyhome or condominium for up to $428,000. Households with three ormore people can earn up to $98,600 and potentially qualify for theloan. Income limits and home purchase price limits vary from regionto region.

Borrowers who put less than 20% down on a home can receiveMassHousing's MI Plus, an enhanced mortgage insurance policy thathelps pay the borrower's mortgage for up to six months if they losetheir job. MassHousing's MyCommunity loan will also be available toSaugus members who earn too much to qualify for MassAdvantageloans.

“We are very pleased to welcome Saugus Federal Credit Union as alending partner in our mission to provide quality, affordablemortgage financing for low- and moderate-income borrowers,” saidThomas Gleason, MassHousing executive director.

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