Region – United Bank has announced that it has launched a unique and innovative 12-month program called PATH Plus that is designed to provide the three keys to homeownership – education, savings and mortgage benefits – to eligible individuals and families who qualify through only approved Massachusetts and Connecticut-based nonprofit organizations.
United Bank’s PATH Plus program directly assists low-to-moderate income individuals or families achieve their dream of homeownership by providing free financial education on home buying and money management and establishing a savings program that requires participants to open a United Bank savings account. It also rewards program participants who complete the comprehensive 12-month program with the opportunity to get a United Bank mortgage, including 100 percent mortgage financing with no private mortgage insurance (PMI) and a closing cost credit up to a maximum of $1,200.
PATH Plus requires participants to attend classes over a 12-month timeframe, which includes courses on making deposits and withdrawals; identifying ways to save, understanding credit and credit reporting; learning about the home buying process; things to do after you buy a home; and many other important topics essential to a sound financial education program. The classes will be taught by subject matter experts from United’s retail banking and mortgage lending teams.
To be accepted into the program, eligible participants must first meet United Bank’s definition of low-to-moderate income families. Next, candidates must apply through a nonprofit organization in Connecticut or Massachusetts that have attended United’s information seminar on the PATH Plus program.
United Bank has already met with several nonprofits in Connecticut and Massachusetts since January to introduce them to the program and “certify” them to work with the Bank to find eligible individuals and families to participate in the program. The classes will be provided in United’s four markets: Hartford, New Haven, Springfield and Worcester.
The first class is slated to begin in May with rolling acceptance, meaning a candidate may start attending the class the month they are notified of an opening.
For more information contact Tymina Follins, community outreach officer for United Bank’s Connecticut region, at (860) 512-2452 or [email protected] or Moyah Smith, United’s community outreach officer in Massachusetts, at (413) 787-1271 or [email protected].