MassHousing’s Successes. During the 2015, MassHousing assisted more than step three,100000 reduced- and you will reasonable-money household buy or re-finance property on the condition. step one billion in its portfolio since , the delinquency rates for all regarding MassHousing’s single-home funds is step three.2 percent. 55 Actually in foreclosure drama, MassHousing’s solitary-home mortgage delinquency price try cuatro.4 % at the end of fiscal seasons 2011 in contrast to FHA’s 10.one percent delinquency rate from inside the exact same several months. 56 Milewski features MassHousing’s reduced default pricing so you’re able to avoiding unsustainable home loan strategies plus the excesses of one’s homes drama. Particularly, the guy notes that MassHousing’s financing is totally reported 29-12 months, fixed-rates finance to own proprietor-occupied property. Individuals placing lower than 10 % off over good fairly extensive homebuyer counseling program, states Milewski, which will help ready yourself him or her for running and you may keeping property. MassHousing has created good matchmaking with its regional lenders and you may counseling companies. Milewski cards these teams features presented a relationship so you can alternative homes and you may people reinvestment. 57
Homewise, Self-Assist, and you can MassHousing applications have demostrated the newest viability off financing so you can creditworthy lower-money consumers underserved because of the conventional financial industry. These communities was helping a large number of low-money group reach and continue maintaining homeownership by giving use of safe and you can reasonable fund, providing advance payment guidance and homebuyer studies, and working having individuals susceptible to default.