United Bank Reports Success of its PATH Plus Program
After introducing their innovative homeownership and financial education program in the Connecticut and Massachusetts markets just 24 months ago, United Bank reported that they enrolled 92 participants in their PATH Plus program over the past two years – graduating several participants who have achieved their dream of owning a home or are currently seeking homeownership.
Now, United Bank continues to keep the doors to homeownership open by encouraging more nonprofit organizations and individuals to participate in this life-changing program.
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.
As of August 2017 – just two years after the launch of the Bank’s program, 92 individuals from Connecticut and Massachusetts have participated in the program, 36 are currently enrolled in the program, 34 have graduated and 11 of them are new homeowners. Other program graduates are in the process of identifying homeownership opportunities. And the Bank’s Foundations donated at total of $31,500 to nonprofits who have successfully referred and enrolled program participants.
In Massachusetts – specifically the Springfield and Worcester regions – 52 individuals have participated, 28 have graduated from the program and four have closed on a new home. In Connecticut, the program has achieved similar success – 60 individuals participated in the program, 16 have graduated and seven of them have purchased a new home.
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.
“In just 24 months PATH Plus has turned the dream of owning a home into a reality for individuals and families who might otherwise never have had the chance. It’s made a significant impact in Connecticut and Massachusetts and we want to make sure other nonprofits and qualified candidates can take advantage of the same opportunity,” said William H.W. Crawford, IV, Chief Executive Officer of United Bank and United Financial Bancorp, Inc
. “And based on the program’s results so far and the positive endorsement we’ve heard about PATH Plus over the past two years, we are confident it’s changing lives in the communities we serve.”
To learn more about PATH Plus and hear compelling endorsement from Jessica Ricketts, the first graduate and homebuyer of the PATH Plus program, please visit https://www.bankatunited.com/Landing/PATH-Plus
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 Springfield, Worcester and Hartford that would like more information regarding PATH Plus should contact:
, Community Outreach Officer covering Springfield, at (413) 787-1271 or firstname.lastname@example.org
, Community Outreach Officer in Worcester, at (978) 407-6714 or YSickles@bankatunited.com
, Community Outreach Officer in Hartford, at (860) 512-2452 or email@example.com