Mid-Island Mortgage Corp. is a MassHousing Approved Lender
Boston, Massachusetts - April 27, 2009
Massachusetts lender will offer MassHousing's
safe, affordable home loans
MassHousing
announced today that Mid-Island Mortgage Corp. is now an approved
lender of MassHousing's MassAdvantage™ family of affordable home loan products to low- and moderate-income
homebuyers.
"Mid-Island Mortgage Corp. has
provided quality lending products for 50 years in Massachusetts
and many other states around the
country," said
MassHousing Executive Director Thomas R. Gleason. "MassHousing
is pleased to welcome Mid-Island Mortgage Corp. as a partner in
our mission to provide safe, affordable
home loans for low and moderate-income
residents of Massachusetts."
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, Mid-Island Mortgage
Corp. will be able to originate MassHousing's MassAdvantage™ home mortgage loans for income-eligible homebuyers in Massachusetts.
These loans
have low- and no-down payment options and 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. Mid-Island Mortgage Corp. will also offer MassHousing's
MyCommunity™ loans for borrowers with more moderate incomes
who earn too much to qualify for MassAdvantage™ loans.
"Mid-Island Mortgage Corp. is
thrilled to become an approved participating lender with MassHousing," said
Mid-Island Mortgage Corp. President and CEO Louis Bottari. "As
CEO of Mid-Island as well as a Massachusetts resident raising a
family here, I can think of no better way to build and strengthen
our community than with this fantastic loan program. All of us
at Mid-Island Mortgage Corp. are looking forward to helping our
friends
and neighbors get the most out of the MassHousing family of loan
products."
ABOUT
MID-ISLAND MORTGAGE CORP:
Mid-Island Mortgage Corp. is a full-service
mortgage banker headquartered in Westbury, New York, specializing
in FHA loans. Mid-Island Mortgage Corp. also has a regional office located in Woburn, MA. Founded in 1959, Mid-Island Mortgage Corp. is New York’s
longest established mortgage banker.
About MassHousing
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.
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