Homebuyer
MHP News
SoftSecond's Funds for Fixer Uppers program now available in Lawrence
LAWRENCE, February 3, 2010 --- Homebuyers who are thinking about buying in Lawrence 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 the City of Lawrence, Funds for Fixer Uppers is an enhanced version of the state’s SoftSecond Loan Program. Started in 1991 as a pilot program in Boston, SoftSecond was gradually taken statewide and is now available in all Massachusetts communities. It has helped 274 families in Lawrence 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.
“We appreciate that MHP reached out to the City of Lawrence,” said James Barnes, Director of the City’s Community Development Department. “They will help us bring this excellent product and responsive administration to low- and moderate-income homebuyers in Lawrence.”
“MHP is excited to team up with the City of Lawrence to encourage homebuyers to purchase and rehabilitate foreclosed properties,” 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.
