Boston Firefighters Credit Union has unveiled an innovative program to help Boston’s first responders who struggle financially due to the residency requirement own homes in the city.
The First10 Mortgage guarantees a fixed interest rate for the first 10 years, reduces the monthly payment by using the 40-year amortization period and eliminates down payment requirements.
BFCU created the First10 Mortgage after hearing the concerns of Lorenzo Thompson, a Boston lieutenant assigned to Engine 56, who lives in Dorchester. Based on his own financial struggles during his days a young firefighter, Thompson stressed the extreme challenges facing rookie police officers, firefighters and EMTs who are just starting their careers and long struggled to afford a home in Boston, despite being mandated to live in the city for ten years.
This is a significant problem that impacts the ability of young first responders to start a family in Boston, but this unique program is designed as a solution. “Housing in the City is a major concern for our new police officers and we are thrilled to learn that Boston Firefighters Credit Union has developed a plan to help these officers buy their first home,” Boston Police Patrolmen’s Association President Larry Calderone said. “With all of the challenges they face in their new career, it is nice to know BFCU has stepped up to take the stress out of purchasing a new home in the city”.
“With the prices of homes sky rocketing in the City, it is nearly impossible for our new firefighters to afford a home,” Boston Firefighters Local 718 President John Soares said. “Once again, Boston Firefighters Credit Union has stepped up to the plate by offering this amazing new mortgage. BFCU has always had our back and they are proving how important First Responders are to them by finding a way to help keep our firefighters in the City they serve and love”.
“BFCU is proud to unveil this new loan as our way of supporting first responders in their quest for affordable housing while establishing and maintaining residence in the City of Boston,” BFCU said in a statement. The BFCU is also making two donations to support health and wellness programs for Boston firefighters and police officers.
BFCU is providing $25,000 to the Boston Fire Department to support programs around occupational cancer and giving $25,000 to the Boston Police Department to support wellness programs that address job related stress and mental health. With these donations, BFCU has now provided each department with $100,000 to date, all geared to support the wellness of their first responders.
Boston Police Superintendent-in-Chief Gregory Long, Boston Fire Commissioner John Dempsey, BFCU President and CEO Bernie Winne and BFCU Board Chair Dan Magoon will formally announce the program at 11:30 a.m. Tuesday at the Boston Firefighters Credit Union at 60 Hallet Street in Dorchester.