--- title: MA Urging Banks to Provide First-time Home Buyers With 10K Mortgages description: Initiative would provide 10,000 mortgage loans over the next five years to Massachusetts first-time home buyers. Read more. image: https://info.buyersbrokersonly.com/hs-fs/file-29250748-jpg/images/woman_holding_money.jpg --- (978) 835-5906             [![Search Icon](https://info.buyersbrokersonly.com/hs-fs/hubfs/Search%20Icon.png?width=30&height=30&name=Search%20Icon.png)](https://info.buyersbrokersonly.com/search-results-page) [![Buyers Brokers Only, LLC – Real Estate Buyer Agents](https://info.buyersbrokersonly.com/hs-fs/hubfs/2023%20BBO%20Logo%20800x170.png?width=1600&height=340&name=2023%20BBO%20Logo%20800x170.png "Buyers Brokers Only, LLC – Real Estate Buyer Agents")](https://www.buyersbrokersonly.com/) # Massachusetts Home Buyer Guide ![smaller-dotted-line.png](https://cdn2.hubspot.net/hub/298849/file-263826832-jpg/true_gray_line_websites.jpg?width=1175&name=true_gray_line_websites.jpg "smaller-dotted-line.png") ## [MA Urging Banks to Provide First-time Home Buyers With 10K Mortgages](https://info.buyersbrokersonly.com/blog/bid/301664/MA-Urging-Banks-to-Provide-First-time-Home-Buyers-With-10K-Mortgages) Jun 13, 2013 9:45:00 AM ![Massachusetts first-time home buyers loan programs](https://info.buyersbrokersonly.com/hs-fs/file-29250748-jpg/images/woman_holding_money.jpg?width=350&height=232&name=woman_holding_money.jpg)MA Governor Deval Patrick is asking local banks to participate in an initiative that would provide 10,000 mortgages over the next five years to Massachusetts first-time home buyers, several media outlets reported June 10, 2013.  Called the Massachusetts Housing Ownership Compact, the plan is for local banks to provide mortgages loans for home buyers with household incomes that fall below the median income in their geographical areas, [Boston.com](http://www.boston.com/news/local/massachusetts/2013/06/10/mass-seeks-mortgages-for-new-homebuyers/92k3mYF2sLxoENWAjvfGFL/story.html) reported.  Several banks have already agreed to participate in the program, including Citizens Bank, Sovereign Bank, Eastern Bank, Rockland Bank and Trust, Enterprise Bank and Trust Co. and Blue Hills Bank. The Department of Housing and Community Development, the Office of Consumer Affairs and Business Regulation and the Division of Banks are still seeking additional lenders to join the compact, [Banker & Tradesman](http://www.bankerandtradesman.com/news155306.html) reported.  The compact will be administered through the nonprofit agencies [MassHousing](https://info.buyersbrokersonly.com/blog/bid/242734/First-time-Home-Buyers-in-Massachusetts-Should-Consider-MassHousing) and [Massachusetts Housing Partnership](https://www.buyersbrokersonly.com/buying/first-time-home-buyer-programs.htm), [Bloomberg Businessweek](http://www.businessweek.com/ap/2013-06-10/mass-dot-seeks-10-000-mortgages-for-new-homebuyers) reported. As [home prices rise in Massachusetts as a result of bidding wars](https://info.buyersbrokersonly.com/blog/bid/285578/As-Home-Prices-Increase-Massachusetts-Home-Buyers-Act-Quickly), Patrick has proclaimed the week of June 10-16 Commonwealth Housing Week. Housing week will include a number of events focused on affordable housing and [foreclosure prevention](https://info.buyersbrokersonly.com/blog/bid/285170/Chance-to-Purchase-a-Foreclosure-May-Be-Over-For-Most-MA-Home-Buyers). 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