(Wakefield, MA) –The Savings Bank has joined the Massachusetts Homeownership Compact, a cooperative effort between the Commonwealth of Massachusetts and its lenders, homebuyer counseling agencies, and community develop organizations to create 10,000 new mortgages over the next five years for low and moderate income first-time homebuyers.
The compact, announced by Governor Deval Patrick in June 2013, includes a commitment among lenders to originate mortgage loans to first-time home buyers through the MassHousing and the Massachusetts Housing Partnership programs. The compact will help accelerate economic recovery and neighborhood stabilization initiatives in the Commonwealth and retain and attract a competitive workforce.
“The Savings Bank has been an active MassHousing and Massachusetts Housing Partner (MHP) lender for many years and we are proud to join the Massachusetts Homeownership Compact,” Kathleen Beaulieu, Senior Vice President – Senior Retail Lending Officer said. “This shared commitment to responsible mortgage lending in Massachusetts focuses on improving neighborhoods through stable homeownership, promoting family wealth over the long-term, expanding education attainment, and protecting property values by minimizing foreclosures.”
The compact compliments The Savings Bank’s lending portfolio, which was recognized as the #1 Mortgage Lender for 2013 in Wakefield by Banker & Tradesman. The Savings Bank closed 122 loans during the year in Wakefield, totaling more than $31.3 million. The Bank’s successful First Time Home Homebuyer Program closed 46 of those loans for $14.5 million.
“This compact fits in with the Bank’s commitment to helping first-time buyers purchase their first home,” Senior Vice President Beaulieu added. “As a MHP ONE Mortgage lender, The Savings Bank looks forward to reaching low and moderate buyers in the communities we serve.”
For more information on this loan program, or the other programs offered by The Savings Bank, please contact the Bank’s Mortgage Lending Team at 800-246-2009.
Established in 1869, The Savings Bank is a $461 million community bank with offices in Wakefield, Lynnfield, North Reading, Andover, and Methuen.