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iBerkshires.com Columnist SectionSue Bush
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Legacy Bank Honored02:39PM / Wednesday, May 23, 2007
Pittsfield – For the second consecutive year, Legacy Banks has been honored by MassHousing for its outstanding affordable housing efforts.
This year, Legacy received the MassHousing Special Achievement Award for outstanding utilization of the Mortgage Insurance Fund to create new and innovative affordable housing products for lower income borrowers.
Legacy Banks has been an approved MassHousing lender and homebuyer counseling provider since 1992. In congratulating Legacy on its award, which was presented at the MassHousing Annual Awards ceremony on May 1, 2007, MassHousing’s Executive Director Tom Gleason said, "These days, with all of the news about foreclosures and sub-prime loans, it is more important than ever that home buyers have access to safe, predictable mortgage loans with no hidden surprises. Legacy Banks has shown a strong commitment to this type of responsible lending, as evidenced by their award for offering MassHousing's mortgage insurance products, and we are most grateful for their efforts."
Legacy Banks is approved to originate MassHousing’s 30-year fixed-rate MassAdvantage loans, which are for low- and no-down payment home mortgage loans at below market interest rates for income-eligible first-time homebuyers.
Legacy also offers portfolio loans with MassHousing’s MI Plus, an enhanced mortgage insurance policy that helps pay the borrower’s mortgage for up to six months if they lose their job. Last year, Legacy Banks helped 53 Berkshire County families purchase a home using a MassHousing loan or MassHousing mortgage insurance. Two Legacy Banks mortgage professionals are approved MassHousing counseling providers – Joseph Mele and Dale Carlson.
According to Executive Vice President of Consumer Lending Steven F. Pierce, “Legacy Banks continues its commitment to helping low- and moderate-income individuals and families realize the dream of homeownership. Our lenders take the time to work closely with each customer and understand their individual circumstances – ensuring that they receive the mortgage product best suited to their needs.â€
MassHousing, the leading provider of affordable housing in Massachusetts, offers both low- and no-down payment home mortgage programs for income-eligible first-time homebuyers and second mortgage products for income-eligible families that already own a home.
Since 1970, MassHousing (previously the Massachusetts Housing Finance Agency) has provided more than $9.4 billion in financing for Massachusetts residents. To learn more, call Legacy Banks at 800-292-6634.
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