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Expanded eligibility on home loan program for Massachusetts educators |
| $100 million will be available for mortgages |
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July 15, 2005 - Senator Richard T. Moore (D-Uxbridge) encourages educators to take advantage of the expanded eligibility guidelines for the new program that will provide low cost loans to the state’s educators. The Massachusetts Educators Loan Program through Sovereign Bank is providing up to $100 million in mortgages. Since the program was first available in June, Sovereign has expanded the scope to include all certified educators in Massachusetts including public and private grade school teachers, school administrators, librarians and state college and university educators. “Owning a home is one of the greatest American dreams,” said Senator Moore. “However, for some school teachers, sometimes that dream can never become reality. With this new expanded program, educators now have another option to consider for financial assistance when buying a home. I would encourage teachers to take a look at the resources and determine how this program could provide financial assistance in your current situation.” The program implements one of the recommendations of Treasurer Tim Cahill’s Job Growth Task Force, a panel of business and community leaders who made recommendations earlier this year on how the Treasury can help to support job growth and retention in Massachusetts. The program uses a “linked deposit” approach to leverage state funds to provide additional benefits. The Treasury has deposited $100 million, which will support the lending, and in return Sovereign provides the Treasury with market rate returns. “Qualified teachers and school administrator’s are one of our greatest assets in Massachusetts. Unfortunately, buying a home in Massachusetts can be difficult to manage on a teacher’s salary,” said Cahill. “This new lending program will help us retain talented educators by providing them with the resources needed to make living and owning a home in Massachusetts more affordable. The program will enable educators who are buying their primary residents or refinancing an existing mortgage to obtain fixed-rate home mortgage loans and home equity loans for a down payment as low as five percent. There are no application costs or rate lock fees for applicants. In addition, the applicants also benefit from discounted closing costs. Educators who would like to apply for Sovereign’s Massachusetts Educators Home Loan program may visit any one of Sovereign Banks community banking offices in the state, or call 888-758-7076. More information on Senator Moore’s issues can be obtained by checking his web site www.senatormoore.com. |
