Firefighters’ credit union launches mortgages

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 so-called, First10 Mortgage, eliminates down payments and PMI and guarantees a fixed rate of interest for the first 10 years of the 40year loans.

The First10 Mortgage was created in response to the concerns brought up by one of its members, Lorenzo Thompson, a Boston firefighter, according to BFCU.

“They were very responsive to my idea for this program and helping their younger members with home affordability,” Thompson said.

“We always listen to our members carefully and take their concerns and feedback very seriously,” BFCU President and CEO Bernie Winne said. “The valuable input we received from Lorenzo was really the catalyst for BFCU being able to create a new loan program that helps young first responders.”