Why SoftSecond

The SoftSecond Loan Program is a low-interest rate and low down payment mortgage designed to help first-time homebuyers afford more home. By combining a conventional first mortgage with a subsidized second mortgage, SoftSecond increases your borrower's purchasing power by approximately 20 percent.

SoftSecond is now available in every community in Massachusetts and has been hailed as one of Massachusetts's most affordable mortgage programs for low- to moderate-income homebuyers.

Key features of a SoftSecond Mortgage:

Low fixed interest rates

Participating lenders offer SoftSecond rates that are fixed for 30-years and range from 1/4 to as much as 1/2 percent below market rate.

Low down payment

The minimum down payment for a SoftSecond loan is 3 percent of the purchase price; some of which can even 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 banks ask buyers to pay when they buy a home. One point equals 1 percent of the loan. Banks do not charge points for SoftSecond loans. Not paying points will save buyers $3000-$7000.

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

Pre and post-purchase educational courses are designed to help homebuyers purchase their home and keep up with payments.

Proven track record

Since 1991, SoftSecond has helped nearly 10,000 families buy their first home, with a state-low delinquency rate of 2.8 percent and a microscopic foreclosure rate of .33 percent.

For more information, email SoftSecond 617-330-9944 and ask for any of the following SoftSecond Program associates:

Virginia de Freitas Battersby - x292 | Ashleigh DeSimone - x254 | Ircania Valera - x255