MHP News

LYNN, February 1, 2010 --- Homebuyers who are thinking about buying in Lynn now have the opportunity to increase their purchasing power thanks to Funds for Fixer Uppers, a new program that offers incentives and rehabilitation funds for the purchase of foreclosed properties in eligible neighborhoods.

Offered by the Massachusetts Housing Partnership and Lynn Housing Authority and Neighborhood Development, Funds for Fixer Uppers is an enhanced version of the state’s SoftSecond Loan Program, which has helped 452 families in Lynn purchase their first home.

Funds for Fixer Uppers waives SoftSecond's first-time homebuyer requirement and raises the household income limit to under 120 percent of the area median income if the property is in neighborhood that is eligible for federal Neighborhood Stabilization Program (NSP) funding.  Properties in certain neighborhoods may also qualify for NSP rehabilitation grants of $20,000 per unit, up to a maximum of $40,000 per property. The program is available for homebuyers purchasing foreclosed condominiums, single-family, two-family, and three-family homes.

“In the past, LHAND has successfully administered the SoftSecond Loan Program and we are excited to partner with MHP to offer this new program for the purchase of foreclosed properties which not only lowers the monthly payment but also provides rehab funding to replace major systems in danger of failure and energy efficiency measures,” said Charles Gaeta, Executive Director of LHAND.  “This program is a great opportunity for potential homebuyers purchasing foreclosed properties.”

“MHP is excited to team up with LHAND to encourage homebuyers to purchase and rehabilitate foreclosed properties in Lynn,” said MHP’s Homeownership Director, Gina Govoni.

Since 1991, SoftSecond has helped over 14,000 families buy their first home and has leveraged over $2 billion in private mortgage financing, while maintaining delinquency and foreclosure rates that are at or below those of all prime mortgages made in Massachusetts.

For more information about Funds for Fixer Uppers, call (617) 330-9955 or visit www.mhp.net/homeownership/foreclosed_properties.php.