Trust discusses outreach to connect buyers with 1+ mortgage and MassHousing resources

The Revere Affordable Housing Trust discussed ongoing efforts to help first‑time homebuyers leverage state and nonprofit mortgage products and down‑payment assistance. Trust members outlined outreach and referral strategies and described opportunities to stack trust funds with existing programs.

Trust member Deb Frank described the 1+ mortgage product: it allows buyers to put a minimum 3% down, and participating lenders agree to price the loan roughly 30 basis points below the conforming rate published by Freddie Mac. Frank explained the product can cover single‑family homes through three‑family properties and that subsidies are available for buyers at or below 80% of median income.

Staff said the trust’s $10,000 down‑payment assistance (where available) can be stacked with state programs such as the 1+ mortgage or MassHousing subsidies. The presenter said staff will create a landing page listing approved lenders and program resources, and will refer callers to existing lender lists such as those used by Boston and other localities. Staff also said they are exploring formal partnerships with lenders to streamline referrals and improve borrower navigation of multiple programs.

Staff invited trust members to an upcoming regional affordable‑housing trust meeting for networking and to learn practices other trusts use to coordinate outreach and lender lists. No funding changes or approvals were made at this meeting; the discussion focused on outreach and potential administrative partnerships.