United Bank's Worcester Team Graduates Two from PATH Plus Program
The United Bank Team from the Worcester market today proudly announced that two more participants in the Bank’s PATH Plus Program successfully completed the program and graduated this month. PATH Plus, a program launched by United in May 2015, is an initiative to help individuals in their communities they serve achieve their dream of owning a home.
Participants from the Worcester area who graduated from the Bank’s PATH Plus Program this month were Jeshenia Luyando and Ransford Hamilton. Ransford Hamilton is pictured below.
To date, there have been 95 total participants from the Greater Worcester, Springfield, Hartford and New Haven markets. Thirty participants are currently enrolled in PATH Plus, a total of 40 have graduated from the program and 12 of the graduates are new homeowners. In addition, due to the partnership with area non-profit agencies, the United Bank Foundation has donated $33,500 back to participating non-profits.
Specific to the Worcester region, a total of 15 households have participated in the program so far, four have graduated and six more families are currently enrolled.
“Since launching our PATH Plus two years ago, we’ve helped to turn the dream of owning a home into a reality for many individuals and families who might otherwise never have had that chance. We’re witnessing it make a significant impact in Connecticut and Massachusetts and right here in Worcester as we celebrate the hard work and accomplishments of two more PATH Plus graduates,” said William H.W. Crawford, IV, Chief Executive Officer of United Bank and United Financial Bancorp, Inc
. “It’s a life changing program for our participants and it strengthens the communities wherever our graduates decide to purchase a home.”
PATH Plus is structured to provide three keys to homeownership – education, savings and mortgage benefits – to low-to-moderate income individuals and families eligible to participate in this program. Program participants must be recommended through United Bank-certified nonprofit organizations in Massachusetts and Connecticut.
This learn and save program provides free financial education on home buying and money management; helps participants open a United Bank Savings Account and make regular contributions to the account; and rewards participants who complete the comprehensive 12-month program with the opportunity to get a United Bank mortgage, including 100% mortgage financing with no private mortgage insurance (PMI) and a closing cost credit up to a maximum of $1,200. The Bank accepts participants on a rolling acceptance with classes held once per month with a maximum class size of 12 families or individuals.
ADDITIONAL PATH PLUS PROGRAM DETAILS:
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. If the candidates meet those requirements, they are required to complete a pledge statement that they will attend 12 educational classes over a one year period, open a savings account with United Bank and make monthly contributions to the account. They are also asked to summarize in writing what their dream of home ownership means to them.
If accepted, 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 are taught by subject matter experts from United’s retail banking and mortgage lending teams.
Nonprofit organizations in Worcester that would like more information regarding PATH Plus should contact:
Yamilett Sickles, Community Outreach Officer in Worcester, at (978) 407-6714 or YSickles@bankatunited.com
Caption for Photo:
Yamilett Sickles (United Bank) and Ryan Kuketz (United Bank) present PATH Plus graduate Ransford Hamilton (C) with a certificate of completion.