MassHousing reports record lending year

BOSTON – MassHousing had the best lending year in its history in fiscal 2009, lending more than $750 billion for affordable housing.
The bulk of that money was given to first-time homebuyers, Gov. Deval L. Patrick’s office said in a news release. MassHousing offers them 30-year, fixed-rate mortages with low down-payment requirements.
Agency-wide, MassHousing made a total of $753.2 million in loans last fiscal year, an increase of 7.3 percent from last year’s total of $702 million and nearly 5 percent more than the previous agency record of $720.5 million set in fiscal 2007.
MassHousing’s mortgage insurance fund also reported a record year. The fund – which private lenders often tap to insure some of their affordable “portfolio loans” – guaranteed nearly $140 million in non-MassHousing loans, an increase of 183 percent from last year’s total of $49.2 million. &#8226