MHP's SoftSecond Affordable First Time Homebuyer Program
If you buy a one, two or three family home through this mortgage program you will save tens of thousands of dollars over the life of your loan. The SoftSecond program is now available in every community in Massachusetts through more than 35 participating lenders in a partnership with MAHA, Massachusetts Housing Partnership, the state's Department of Housing and Community Development, and local municipalities, including the city of Boston.
Key Features- Low Interest Rates - Rates will range from 1/2% below the market rate to as much as 2 1/4% below the market rate, depending on need.
- No Points - "Points" are fees that banks ask buyers to pay when they buy the house. 1 point = 1% of the loan amount. Banks will not charge any points if you purchase through this program.
- No Mortgage Insurance Fees - MHP has set up an insurance fund for these loans that will save buyers $125-$250 per month.
- Credit for More Rental Income - Banks will count up to 75% of rental income when they calculate how much you can pay for a mortgage compared with conventional loans that only count 25% of rental income.
- Homebuyer support - Pre and post-purchase educational courses through MAHA are designed to help you purchase your first home and keep it. More than 14,000 people have graduated from one of MAHA's Homeownership university classes since 1991.
- Proven Track Record - Since 1991, SoftSecond has helped over 11,000 families buy their first home, with a very low delinquency rate that is consistenly below the statewide average delinquency rate for all mortgages. The median household income of borrowers in the SoftSecond program in the last three years is $45,000.
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Soft Second Mortgage Calculator