Homebuyer
Become a SoftSecond Lender
The SoftSecond Loan program has been hailed as one of Massachusetts's most affordable mortgage programs for low- to moderate-income homebuyers. Created in 1990 by MHP, the Massachusetts Bankers Association, state housing officials and community organizations, SoftSecond Loan has helped close to 10,000 families achieve the dream of homeownership.
Funding sources for SoftSecond are the Massachusetts Department of Housing and Community Development, the Federal Home Loan Bank of Boston as well as participating cities and towns. The program is administered by MHP.
How do banks participate in the program?
Banks participate by originating the first and second mortgages under the program. Some banks sell the first mortgages on the secondary market. The banks' ability to sell the first mortgages in the secondary market reduces bank risk over time and greatly leverages the use of bank commitments to the program. Generally, the second mortgages are held by the banks in their own loan portfolios.
Why do banks participate in this program?
Banks participate because it addresses many of their community lending concerns and because it makes good business sense. Low and moderate income first time buyers represent a major potential market for banks. SoftSecond Loan substantially increases the ability of these buyers to purchase homes.
To learn more about becoming an authorized lender, email or call Kelly Maloy at 617-330-9944 x241.
New Lender Program Documents
2005 Amended and Restated SoftSecond Loan Program Agreement - 2005 Amended and Restated SoftSecond Loan Program Loan Loss Reserve Fund Agreement
- Lender Online Agreement
For more information, email SoftSecond 617-330-9944 and ask for any of the following SoftSecond Program associates:
