The Massachusetts Housing Finance Agency said Marlborough-based St. Mary’s Credit Union has been approved as one of the agency’s below market rate lenders.
St. Mary’s will provide MassHousing’s MassAdvantage line of affordable home loans to low- and moderate-income homebuyers in Worcester and Middlesex counties.
MassAdvantage loans carry low, or no downpayment requirements and offer below-market interest rates. Borrowers that put less than 20 percent down on a MassAdvantage loan receive the agency’s insurance policy that helps borrowers pay their mortgage for up to six months if they lose their job.
