Mortgage Master Inc. has announced that it has become the first non-depository lender to join the Massachusetts Home Ownership Compact to provide affordable mortgage solutions to lower income first-time homebuyers. As a signatory of the Home Ownership Compact, Mortgage Master has committed to make a good faith effort to provide Mass Housing mortgage loans to borrowers below the median household income in 2014.
“Mortgage Master is proud to call Massachusetts its corporate headquarters and we are committed to serving our local state community,” said Paul Anastos, president of Mortgage Master. “The recovery of the housing market, the dream of homeownership and the overall economic success of our local communities are things that are extremely important to us at Mortgage Master. We are excited to support the governor’s initiative and do our part—as a collaborative community member—in helping borrowers and working toward strengthening Massachusetts.”
“The Homeownership Compact is a great example of how government, lenders and non-profit agencies can work together to make affordable mortgages available to first-time homebuyers across the Commonwealth. We welcome Mortgage Master to the Compact," said Aaron Gornstein, Undersecretary, Department of Housing and Community Development of Massachusetts.
Massachusetts Gov. Deval Patrick announced the Massachusetts Homeownership Compact in 2013 with the goal of providing 10,000 mortgage loans over the next five years to first-time homebuyers with household incomes below the area median income. In the second year of the Compact, Mortgage Master is paving the way as the first non-depository mortgage lender to sign on.
“We hope many more lenders join in by signing the Compact,” said Anastos. “We have 10,000 mortgages to originate and no time to waste. Mortgage Master is eager to focus its capabilities towards such an important initiative that will help citizens of Massachusetts by strengthening our communities and keeping young families in the state as a solid economic foundation for the future.”