Owning a home is a dream come true and a major responsibility! Enter into it prepared. Metro West CD can help connect you to:
Metro West CD is a MassHousing monitoring agent and also works with municipalities to serve as the lottery agent in the sales and resales of affordable, deed-restricted units. View our current opportunities.
To find a First Time Homebuyer class near you… view the latest workshop offerings:
If you own or are thinking about purchasing a condominium, Massachusetts Affordable Homeownership Alliance offers a free class on condominium ownership. Click the link below to learn more about this class, but please note that 1) this is not the first-time homebuyer class required for certain lotteries, mortgage programs and downpayment assistance; and 2) this class does not address affordable housing deed restrictions.
If you have any questions about this class or anything else on the MAHA website, please contact the organization directly at info@mahahome.org or 617-822-9100.
For additional opportunities, please check:
Find a mortgage
Buyers of market-rate homes have more options for financing and mortgage terms
If you are purchasing a home with an affordable housing deed restriction, there is still a wide variety of lenders you can work with, but loans must meet the following requirements:
Loan must be from a lender that is familiar with affordable housing deed restrictions – some large, national institutions do not underwrite loans for properties with an affordable housing deed restriction.
Private loans from family/friends/other non-institutional third parties are not acceptable.
Loan must be at a fixed-interest rate that is equal to the current fair market interest rate (no more than 2 percentage points above the average from Freddie Mac Primary Mortgage Survey) for the full term of the mortgage.
Loan cannot have more than 2 points.
Gifts may be used toward the downpayment; however, at least 1.5% of the purchase price must come from the purchaser’s own funds. The amount of the gist will be counted as an asset.
Non-household members are not permitted as co-signers of the mortgage.
The lenders listed on the websites above all work with affordable housing deed restriction, even if you do not get a MassHousing or MHP mortgage.
Remember: A home with an affordable housing deed restriction must be occupied by the owner as the owner’s primary residence.