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MHANY-Amalgamated Bank-NYCC Partnership Kick Off Event 11-10-2010
10 November 2010
In a time when most banks are foreclosing on homes, Amalgamated Bank has partnered with MHANY Management, Inc. to promote a mortgage product that is just right for low and moderate income homebuyers.
Amalgamated Bank Launched Home Mortgage Program for
New York City's Low-to-Moderate Income Homebuyers
Hard working families seeking home ownership will now have access to home mortgages specifically designed to meet the financial realities that low-to-moderate income homebuyers face in New York City. Amalgamated Bank, America's only union-owned bank and a leader in serving the banking needs of working class New Yorkers, is offering a new mortgage program to working families at a time when funds for lower income homebuyers are scarce or unavailable.
Amalgamated Bank - with the Mutual Housing Association of New York Management, Inc. (MHANY) and New York Communities for Change - joined to announce the specific details of what will be known as the MHANY Mortgage Program. Elected officials who attended to lend their support to this new program include:
- New York City Comptroller John C. Liu, and
- Manhattan Borough President Scott Stringer.
Working with MHANY's homebuyer education counselors, Amalgamated Bank developed a set of more flexible home financing options that will be available only to MHANY Mortgage clients. During the past 15 years, MHANY's homebuyer education counselors have prequalified and guided over 1,000 working families buying their first homes, and most of those families continue to live in the homes they purchased.
Amalgamated Bank President and CEO Derrick D. Cephas and leaders of partnering organizations provided details about the new program. Key elements include a relatively high loan-to-value ratio, the acceptance of lower than customary credit scores (620 minimum) and a change with respect to the requirement for the purchase of private mortgage insurance (no PMI).
For more details, contact MHANY Management, Inc. at 718-246-8080 ext. 239.