WORCESTER, Mass. – Representatives from 11 area lenders joined city officials yesterday at the Digital CU Center to launch a new program aimed at pumping as much as $75 million into the ailing local housing market.
Participants in the "Buy Worcester Now" program will be offered financing up to 100% at below market rates with no down payment, low or no monthly mortgage insurance payments, employer assistance and mortgage payment protection in case of job loss.
Participating local retailers are also offering special discounts and deals to new homebuyers on furniture, for cable television and other merchandise.
As part of the program, local companies and colleges are encouraging employees and students to purchase homes through the program and will offer financial assistance of up to $5,000.
The lenders, which have pledged $75 million in mortgage funding, include: Digital Employees FCU, Worcester CU, Bank of America, BayState Savings Bank and Commonwealth National Bank, among others.
