Firefighters Union Launches First10 Mortgage; Gas prices increased by 2 cents
Boston Firefighters Credit Union has launched a new mortgage program designed to help new police and firefighters buy and meet residency requirements in the city.
The so-called First10 mortgage eliminates down payments and PMI and guarantees a fixed interest rate for the first 10 years of the 40-year loan.
The First10 mortgage was created in response to concerns from one of its members, Lorenzo Thompson, a Boston firefighter, according to the BFCU.
“They were very responsive to my idea for this program and helping their younger members with home affordability,” Thompson said.
“We always listen carefully to our members and take their concerns and feedback very seriously,” said Bernie Winne, President and CEO of BFCU. “The valuable input we received from Lorenzo was really what prompted BFCU to develop a new loan program that helps young first responders.”
Gas prices rise by two cents
The average gas price in Massachusetts is up 2 cents from last week and now averages $ 3.08 per gallon. Today’s price is 4 cents higher than a month ago $ 3.04 and 93 cents higher than a year ago when it was $ 2.15.
The average gas price in Massachusetts is 10 cents below the national average.
“Historically, gas demand begins to decline in the fall as schools reopen and summer road trips end, resulting in cheaper gas prices,” said Mary Maguire, AAA Northeast director of public affairs.
“Despite the fall in demand, the national average is expected to stay above $ 3 a gallon, especially as the price of crude oil remains at the high end,” said Maguire.