June
2010
Masshousing, the city of Brockton, Brockton Housing Partnership and new lenders have teamed up and created some great opportunities for buyers who plan on purchasing properties that need repairs. Brockton has one of the highest foreclosure rates in all of MA so they’ve made grant funds available for these first time home buyers and if they’re qualified homebuyers who obtain a MassHousing Mortgage by an approved lender they will also gain eligibility for a second loan for rehabilitation from the Neighborhood Stabilization Program (NSP). The loan has a chance to be forgiven, based on how long the homebuyer lives in the house and how much of the funds were actually used. You must be eligible for NSP through Building a Better Brockton, who remains Brockton’s designee. NSP has not set any limits on the grants, but Building a Better Brockton must agree with the renovation and they will review all grants. NSP’s participating lenders are HarborOne, Avon Cooperative Bank, Rockland Trust, Dedham Savings Bank, Crescent Credit Union and North Easton Savings. They will be one, two or three family homes that were abandoned or foreclosed, there are a bunch in Brockton! Borrowers that are eligible will have to put down a minimum of 3% down for one or two family residences and at least 5% down for three family homes. I think this is a great idea for the city of Brockton and the homebuyers! It will help the city maintain renovated properties for future residents. The homebuyers benefit because they will be able to buy a home for very cheap and have a potential to increase the value and make money off of the rehabilitated properties. FOR MORE INFORMATION ON THE LENDING OR TO SEE CURRENT AVAILABLE PROPERTIES IN BROCKTON PLESE CONTACT Epapa27@yahoo.com
Related Articles:
Sponsored By:
- No sponsors for this posts.
Discussion 
Leave a Comment
