MassHousing announces that Merrimack Valley Federal Credit Union is now an approved lender

Merrimack Valley Federal Credit Union is Approved to Offer MassHousing's Family of Affordable Mortgage Products

BOSTON - September 1, 2005 - MassHousing announced today that Merrimack Valley Federal Credit Union (Merrimack Valley FCU) is now an approved MassHousing lender. Through this partnership, Merrimack Valley FCU is able to offer a full range of MassHousing's affordable home loan programs and mortgage insurance products to low- and moderate-income individuals and families throughout the Merrimack Valley.

"Merrimack Valley FCU has been an important community lender in the Merrimack Valley for over 50 years, and they will be a great addition to MassHousing's network of approved lenders," said MassHousing Executive Director Thomas R. Gleason. "MassHousing would not be able to meet its mission of providing affordable mortgage programs for low- and moderate-income home buyers without the help of our lending partners like Merrimack Valley FCU.

Through this partnership, Merrimack Valley FCU is approved to originate MassHousing's 30-year fixed-rate MassAdvantage"! home mortgage loans for income-eligible first-time home buyers. These loans have both low- and no-downpayment options and below market interest rates. In addition to the MassAdvantage loans, Merrimack Valley FCU will be able to offer MassHousing' s mortgage insurance with MI Plus"!, the Agency's mortgage payment protection coverage on its own portfolio loans. Merrimack Valley FCU will also be able to offer Fannie Mae's My Community loans (for borrowers with more moderate incomes).

"Partnering with MassHousing assists the credit union in achieving its mission to serve every member, every time," said Merrimack Valley FCU's CEO Peter J. Matthews, Jr. "Our goal is to help members achieve the dream of home ownership, and MassHousing does just that." For example, to qualify for a MassHousing MassAdvantage loan, a one-to-two-person household in Haverhill, Methuen, or North Andover can earn up to $75,750 and buy a single-family home or condominium for up to $381,999. In addition to single-family homes and condominiums, eligible home buyers can also use a MassHousing MassAdvantage loan to buy a two-family home for up to $488,975 and three- and four-family homes for up to $591,028.

About MassHousing The Massachusetts Housing Finance Agency, now doing business as MassHousing, is the leading provider of affordable housing in Massachusetts. Since 1970, MassHousing has provided more than $8.5 billion in financing for more than 80,000 units of mixed-income rental housing and over 43,000 mortgage loans for first-time home buyers. For more information, visit the MassHousing website at www.masshousing.com.

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