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MASSACHUSETTS AFFORDABLE HOUSING ATTORNEY


 

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The Mortgage


TAn important aspect of purchasing an affordable housing unit is securing a favorable mortgage or mortgages with a lender who is experienced with affordable housing transactions. 

Many lenders have special programs which provide favorable interest rates for such borrowers.  Additionally, there are numerous assistance and grant programs available to qualified buyers provided by some cities and towns which provide for closing cost assistance and equity building.   Further, extremely favorable second mortgage terms and subsidies may be available through a lender's coordinated efforts with such state agencies such as Mass. Housing Partnership (MHP). MHP has a "Soft Second Mortgage" Program available through certain  lenders. These second mortgages provide for low, fixed interest rates, require very low down payments (only 3%, some of which may be in the form of a gift), have no requirement for private mortgage insurance even though the first and second mortgages total 97% of the purchase price, and require no points.

Additionally, MHP has a mortgage subsidy program for qualified buyers whereby their lender receives a zero percent interest subsidy payment from MassHousing. The subsidy payment may cover up to 75% of the interest-only payment on the second mortgage.

 

 

 

 

 

 

 

 

 

 



 
 
 

STEVEN BLOOM, ESQ.

CUSHNER & BLOOM, P.C.

Attorney at Law

1170 BEACON STREET, SUITE 200

BROOKLINE, MASSACHUSETTS 02446

TELEPHONE (617) 608-0019    FAX (617) 608-0022

 
 
 

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DISCLAIMERS

The Rhode Island Supreme Court licenses all attorneys in the general practice of law. The court does not license or certify any lawyer as an expert or specialist in any field of practice. Steven Bloom, Esq., is licensed to practice in the Commonwealth of Massachusetts.  Steven Bloom, Esq. is also licensed to practice in the State of Rhode Island.  Office is located in Brookline, Massachusetts. The information provided in this Web Page Set is offered for informational purposes only; it is not offered and does not constitute legal advice.  Cushner & Bloom, P.C. does not seek to represent you based upon your visit or review of this Web Page Set. The information provided in this Web Page Set is offered for informational purposes only; it is not offered and does not constitute legal advice.  Although we intend to keep this information current, we do not promise or guarantee that the information is correct, complete or up-to-date.  You should not act or rely upon the information in this Web Page Set without seeking the advice of an attorney. Cushner & Bloom, P.C. does not seek to represent you based upon your visit or review of this Web Page Set.  The attorney-client relationship does not begin until Cushner & Bloom has evaluated the potential client's case and a contract between Cushner & Bloom, P.C. has been agreed upon. Please feel free to send us e-mail with your thoughts about our Web Page Set or to request more information about us.  The transmission of an e-mail request does not create an attorney-client relationship and you should not send us via e-mail any information or facts relating to your legal problem or question. If you are a client of Cushner& Bloom, P.C., your e-mail may not be privileged or confidential. If you are a client, remember that e-mail may NOT be secure. There is a risk that your communication may be intercepted illegally. There may also be a risk of waiver of attorney-client and/or work-product privileges that may attach to your communication. ADVERTISING

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

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