Seaway Bank, MPS team up to offer 1% down mortgages

MILWAUKEE -- Seaway Bank and Trust Company is now partnering with Milwaukee Public Schools to give the district's employees access to 1% down mortgages.

In a statement released on Thursday morning, October 25th, MPS Superintendent Gregory Thornton said, “We’re strengthening homeownership 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." 

MPS officials say the wave of retirements is tied to the aging of the baby boom generation, which is strongly represented among MPS employees.
 
MPS 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. 

Monitor FOX6 News and FOX6Now.com for updates on this developing story.