First recipient will use new mortgage to purchase grandparents’ home
Seaway Bank and Trust Company announced an exclusive partnership that gives Milwaukee Public Schools’ employees access to 1 percent Down Mortgages.
The announcement was made last week at Seaway’s Milwaukee branch, 2102 W. Fond du Lac Avenue, Milwaukee 53206. MPS Superintendent Gregory Thornton, Seaway Senior Vice President/ Branch Manager Tracy Meeks and the first recipient of a mortgage under the partnership attended.
This is a win-win-win,” Dr. Thornton said. “We’re strengthening home ownership in our neighborhoods; helping build stronger connections between MPS and the community; and we’re getting a great incentive for our employees as we approach the last year of a three-year wave of retirements. We appreciate Seaway recognizing that our more than 9,000 MPS employees are important to the economic vitality of Milwaukee and reaching out to find a way they can contribute even more as homeowners.”
That wave of retirements is tied to the aging of the baby boom generation, which is strongly represented among MPS employees.
“We welcome this opportunity to partner with Milwaukee Public Schools,” Meeks said.
“Seaway has always strived to support growth in the community. Making home ownership more available and affordable to families through innovative programs, such as our Educators Home Loan, is just one way we contribute.”
Employees can take advantage of the program for a new home purchase or to refinance an existing mortgage up to $200,000 on a single-family home, condominium or duplex. MPS employees also receive a 25 basis-point discount in addition to lower closing costs.
The first recipient of the program will use his mortgage to purchase the northwest-side home his grandparents lived in before moving to a senior living community.
“I’ve known this home for years. It’s attached to many memories for me,” said Reginald Lawrence, a regional administrator who oversees 31 of MPS’ 166 schools. “I’ve been working over the past three years to get myself in a position to re-enter home ownership and this awesome opportunity made that a reality.”