Lynn-based Equitable Cooperative Bank on Wednesday became an approved lender of MassHousing’s affordable, fixed-rate, home loan products for low- and moderate-income homebuyers.
The bank will now be able to originate MassHousing’s home mortgage loans with low down payment options and competitive interest rates for income-eligible homebuyers.
Borrowers who put less than 20 percent down on a home can 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 the borrower loses his or her job. Equitable Cooperative Bank will also offer MassHousing’s Mortgage with No MI that does not require mortgage insurance but still offers affordable interest rates.
"Equitable Cooperative Bank has been making home mortgage loans for 135 years but has always been innovative and accessible in how it provides quality loan products to its customers," MassHousing Executive Director Thomas Gleason said in a statement. "By now offering MassHousing’s suite of loan products, we know they will be even better equipped to serve low- and moderate-income borrowers who want to purchase or refinance a home."
