Find out why thousands of families
in Massachusetts have purchased
their first home with a SoftSecond loan
Are you a first-time homebuyer looking for a safe, secure fixed-rate mortgage? If so, then you check out the many advantages of buying your first home with a SoftSecond loan:
Low fixed interest rates: Participating lenders offer SoftSecond rates fixed for 30 years and ranging from 0.25 percent to as much as 0.5 percent below market rate.
Low down payment: The minimum down payment for a SoftSecond loan is three percent of the purchase price. Some of the down payment can be a gift or grant.
No PMI: Borrowers who qualify for a SoftSecond loan are not required to pay Private Mortgage Insurance - a savings of approximately $125 to $250 per month.
No Points: "Points" are fees that banks ask buyers to pay when they buy a home. One point equals one percent of the loan. Banks do not charge points for SoftSecond loans which could save you between $3,000 and $7,000 at closing.
Subsidy available for qualified borrowers: Some SoftSecond buyers qualify for a zero percent interest subsidy payment from MHP. The subsidy payment may cover up to 75 percent of the interest-only payment on the second mortgage.
Homebuyer support: SoftSecond provides access to pre-purchase and post-purchase educational courses and homeowner counseling designed to help homebuyers purchase their home and keep up with payments.
Proven track record: Since 1991, SoftSecond has helped over 15,000 families buy their first home and has leveraged over $2.3 billion in private mortgage financing, while maintaining delinquency and foreclosure rate that are at or below those of all prime mortgages made in Massachusetts.