Firefighters Union Launches First10 Mortgage; Gas price up 2 cents
The Boston Firefighters Credit Union has launched a new mortgage program designed to help new police and firefighters afford a home in the city and meet residency requirements.
The First10 mortgage eliminates down payments and PMI and guarantees a fixed interest rate for the first 10 years of 40-year loans.
The First10 mortgage was created in response to concerns raised by one of its members, Lorenzo Thompson, a Boston firefighter, according to the BFCU.
“They were very responsive to my idea of this program and of helping their younger members have affordable housing,” said Thompson.
“We always listen carefully to our members and take their concerns and comments very seriously,” said BFCU President and CEO Bernie Winne. “The invaluable contribution we received from Lorenzo was really the catalyst that enabled BFCU to create a new loan program that helps young first responders. “
Gas price up two cents
The average price of gasoline in Massachusetts is up 2 cents from last week, averaging $ 3.08 per gallon. Today’s price is 4 cents higher than a month ago at $ 3.04, and 93 cents higher than a year ago when it was 2.15 $.
The average price of gas in Massachusetts is 10 cents lower than the national average.
“Historically, gas demand begins to decline in the fall with the reopening of schools and the end of summer travel, leading to cheaper gas prices,” said Mary Maguire, director of public affairs at AAA Northeast.
“Despite the drop in demand, the national average is expected to remain above $ 3 per gallon, especially as the price of crude oil continues to be at the high end,” said Maguire.