Charles River Bank Offers New Right Rate Mortgage
August 16, 2011
MassHousing is pleased to announce their newest mortgage product, MassHousing Right Rate Mortgage. This product is targeted for first time homebuyers with incomes at or below 80% of area median income. The major feature of MassHousing Right Rate Mortgage is the availability of a reduced interest rate on the loans.
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, Charles River Bank is able to originate MassHousing's Right Rate home mortgage loans for income-eligible homebuyers. These loans have below market interest rates that can save homeowners hundreds of dollars a year and thousands of dollars over the life of the loan.
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. Charles River Bank will also offer MassHousing's MyCommunity™ loans for borrowers with more moderate incomes who earn too much to qualify for MassAdvantage™ loans.
"With more affordable home prices in our market area there are tremendous opportunities for first time home buyers. With our ability to offer low down payment programs with such competitive interest rates through MassHousing, we can open up the possibility of home ownership for many more individuals and families," stated Jack Hamilton, President & CEO of Charles River Bank.
To qualify for a low-cost MassHousing Right Rate loan, a one- to two-person household in Medway can earn up to $73,440 and buy a single-family home or condominium for up to $417,000. Medway households with three or more people can earn up to $84,456 and potentially qualify for a MassHousing loan. Income limits and home purchase price limits vary from region to region. For a complete listing of eligibility criteria, visit www.masshousing.com/homebuyer.
About Charles River Bank
Charles River Bank - with assets of $186 million - was founded in 1915 and offers a wide range of individual and business banking services. Charles River Bank is a member of the FDIC and the SIF, and all deposits are insured in full. The Bank’s Main Office is located at 70 Main Street in Medway MA. Charles River Bank also operates three other local branches - in Bellingham at the intersection of Maple Street and Route 140, in Mendon at the intersection of Route 16 and North Ave, and a branch in the Medway High School that operates during the school year. Visit www.charlesriverbank.com for more information or call Mortgage Consultants Mickee Whitney (NMLS# 782138) or Mike Shain (NMLS# 776638).
MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966 and charged with providing financing for affordable housing in Massachusetts. The Agency raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and/or mixed-income rental housing. MassHousing does not use taxpayer dollars to sustain its operations, although it administers some publicly funded programs on behalf of the Commonwealth. Since its inception, MassHousing has provided more than $5.6 billion for rental housing and more than $4.8 billion for homeownership. For more information, visit the MassHousing website at www.masshousing.com.