PeoplesBank Expands Mortgage Options to Support First-time Homebuyers

HOLYOKE — With a commitment to expanding the possibility of home ownership for low- and moderate-income first-time homebuyers in the region, PeoplesBank announced an expansion of its mortgage offerings. Through a partnership with the Massachusetts Housing Partnership (MHP), the new mortgage options are designed to give first-time homebuyers with low and moderate incomes greater access to affordable financing, helping more Massachusetts residents achieve the goal of owning a home.

The new mortgage offerings include ONE Mortgage, a program that offers an affordable mortgage option with a lower monthly interest rate and no private mortgage insurance (PMI) requirement, designed for low- to moderate-income first-time homebuyers across Massachusetts; and ONE+, a mortgage program that offers the same lower monthly interest rate, no PMI requirement, as well as closing costs and down payment assistance. ONE+ is available to homebuyers currently living in 29 Massachusetts communities, including Chicopee, Holyoke, Springfield, and Westfield.

To qualify for the ONE Mortgage and ONE+ programs, applicants must be first-time buyers who complete an approved homebuyer class, meet income and asset limits, and make a minimum down payment. They must also meet credit score requirements and agree to live in the property as their primary residence.

“While Massachusetts is one of the best states to live in the U.S., for too many, it’s also home to one of the most daunting housing markets in the country,” said Amber Coughlin, senior vice president, Consumer Lending at PeoplesBank. “We are dedicated to helping our community members enter the housing market, and the ONE Mortgage and ONE+ programs can help prospective homebuyers achieve their dreams.”