CHELSEA, Mass. (9/16/14)--A new mortgage program from $1.3 billion-asset Metro CU, Chelsea, Mass., is offered with the hope of revitalizing a city faced with housing challenges.
The city of Lawrence, near Chelsea, has been hit with a wave of foreclosures and blighted by fire in recent years (Eagle Tribune Sept. 15.)
The "At Home in Lawrence" program, offered by Metro CU in conjunction with MassHousing and the city of Lawrence, is aimed at making it easier for city residents to obtain mortgages and avoid foreclosure. At the same time, the cost of renovations and repairs can be covered within the mortgage.
Insured by MassHousing and financed by Metro CU, the program offers expanded loan-to-value ratios and less restrictive reserve and credit requirements for low- and moderate-income borrowers.
"Our relationship with MassHousing shares many common goals. One of the strongest is to give affordable lending options to residents in our communities and help them achieve their own financial goals," said Robert Cashman, Metro CU president/CEO. "The At Home in Lawrence Program further enables Metro to expand efforts regarding property revitalization and home ownership growth in the city of Lawrence."
"Lower- and moderate-income borrowers now have one combined resource for city programs, homebuyer education and mortgage financing to help qualified homebuyers purchase homes and help homeowners renovate their homes and revitalize their neighborhoods," said MassHousing Executive Director Thomas R. Gleason.