MassHousing announced today that Belmont Savings Bank is now an approved lender of MassHousing’s affordable, fixed-rate, home loan products for low- and moderate-income homebuyers, according to an announcement sent out by the bank.
Headquartered in Belmont, Belmont Savings Bank also has branches in Watertown, Cambridge, Waltham and Newton.
MassHousing, a quasi-public authority charged with increasing affordable home ownership opportunities in Massachusetts, does not originate its own loans. As a MassHousing-approved lender, Belmont Savings Bank will be able to originate MassHousing’s home mortgage loans for income-eligible homebuyers. These loans have low down payment options and competitive 30-year fixed interest rates.
“Belmont Savings Bank has been providing quality mortgage products for many years and now, by offering MassHousing’s suite of loan products, they will be able to better serve low- and moderate-income borrowers in Massachusetts who want to purchase or refinance a home,’’ said MassHousing Executive Director Thomas R. Gleason.
Borrowers who put less than 20 percent down on a home receive MassHousing’s MI Plus, an enhanced mortgage insurance policy that helps pay the borrower’s mortgage for up to six months in the event they lose their job.
MassHousing also has Lender Paid Mortgage Insurance (LPMI) and no mortgage insurance (No MI) mortgage options. Borrowers can put down as little as 3 percent of the home purchase price as a down payment on single-family homes and condominiums and as little as 5 percent down on two, three and four-family properties.
“Partnering with MassHousing fits perfectly within our mission as a community bank, providing our existing customers with sound and affordable housing options,” said Bob Mahoney, President and CEO of BelmontSavings Bank. “Additionally, this partnership demonstrates to new customers, and their families, about the value of banking with Belmont Savings, and we look forward to continuing to offer quality mortgage products to an increased pool of Massachusetts residents.”
For more info call Rick Capobianco, Vice President, Residential Lending at Belmont Savings at 617-489-6700or visit https://www.belmontsavings.com.