United Bank Reports Success of PATH Plus Program
GLASTONBURY, Conn. — After introducing its innovative homeownership and financial education program in the Connecticut and Massachusetts markets 24 months ago, United Bank reported that it enrolled 92 participants in its PATH Plus program over the past two years, graduating several participants who have achieved their dream of owning a home or are currently seeking homeownership.
PATH Plus is structured to provide three keys to homeownership — education, savings and mortgage benefits — to low-to-moderate income individuals and families eligible to participate in this program. Program participants must be recommended through United Bank-certified nonprofit organizations in Massachusetts and Connecticut.
As of this month, 92 individuals from Connecticut and Massachusetts have participated in the program, 36 are currently enrolled in the program, 34 have graduated, and 11 of them are new homeowners. Other program graduates are in the process of identifying homeownership opportunities. And the bank’s Foundations donated at total of $31,500 to nonprofits who have successfully referred and enrolled program participants.
In Massachusetts — specifically the Springfield and Worcester regions — 52 individuals have participated, 28 have graduated from the program and four have closed on a new home. In Connecticut, the program has achieved similar success – 60 individuals participated in the program, 16 have graduated, and seven of them have purchased a new home.
This learn-and-save program provides free financial education on home buying and money management; helps participants open a United Bank savings account and make regular contributions to the account; and rewards participants who complete the comprehensive 12-month program with the opportunity to get a United Bank mortgage, including 100% mortgage financing with no private mortgage insurance (PMI) and a closing cost credit up to a maximum of $1,200. The bank accepts participants on a rolling acceptance with classes held once per month with a maximum class size of 12 families or individuals.
“In just 24 months PATH Plus has turned the dream of owning a home into a reality for individuals and families who might otherwise never have had the chance. It’s made a significant impact in Connecticut and Massachusetts and we want to make sure other nonprofits and qualified candidates can take advantage of the same opportunity,” said William H.W. Crawford, IV, chief executive officer of United Bank and United Financial Bancorp, Inc. “And based on the program’s results so far and the positive endorsement we’ve heard about PATH Plus over the past two years, we are confident it’s changing lives in the communities we serve.”
For more information on the program, visit https://www.bankatunited.com/Landing/PATH-Plus.