BOSTON (AP) - Some potential home buyers will be getting a leg up to cover expensive down payments.
The Boston Globe reports housing agency MassHousing is starting a new program that would cover up to 3 percent of a down payment for cash strapped first-time buyers.
For many Massachusetts residents dreaming of owning a house in an overcrowded market, small down payments are difficult to afford.
Income-eligible buyers using a MassHousing mortgage to purchase their first home will be able to finance 100 percent of the cost. They will also have to meet hurdles including a minimum credit score, homeownership class and household income that matches or is below their area’s median income.
The value of the home can’t exceed $400,000, with the top down payment assistance package being $12,000.
The down payment would be paid back though a secondary mortgage.
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Information from: The Boston Globe, http://www.bostonglobe.com
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