MHP News

WORCESTER, Feb. 16, 2010 --- Homebuyers who are thinking about buying in Worcester 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 Worcester, 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 651 families in Worcester 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.

“The City of Worcester is very pleased to be offering the Funds for Fixer Uppers program,” said Jackie Vachon-Jackson, the Neighborhood Stabilization Initiative Coordinator in Worcester.  “This program is a great opportunity for homebuyers purchasing foreclosed properties that need some work.”

“MHP is excited to team up with The City of Worcester to encourage homeownership and revitalization in Worcester,” 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.