PURCHASE AND REHABILITATION PROGRAM
If you are a first-time homebuyer and looking to purchase a home in need of repair, MassHousing’s Purchase and Rehabilitation loan might be just the program for you. Mortgages covering the purchase price of the home plus necessary rehabilitation costs are available through Masshousing-approved Rehabilitation Lenders. A Purchase and Rehabilitation loan is a terrific product to improve the basic livability of a property and to make a house your home. Want more information on this great loan program, CONTACT ME.
• The loan program can assist with most repairs that will improve the basic livability, safety, and utility of a property.
• All code violations must be repaired.
• Available on one-to-four family properties.
• The loan program carries the same interest rate and point structure as a MassHousing mortgage.
• Minimum rehabilitation amount is $7,500 for all property types.
• Rehabilitation costs include the amount required to pay for the repairs, as well as other allowable expenses:
- Title update fees
- Required contingency reserve equal to 10% of the total rehabilitation cost.
• The lender or Local Rehabilitation Agency (LRA) may charge a fee of $1,500 based on the cost of the rehabilitation.
• Licensed contractors must complete all rehabilitation work.
• Maximum loan amount may not exceed 97% of the lesser of the sales price plus rehabilitation cost or the
estimated appraised value after rehabilitation.
• At the time closing, the borrower will be responsible for the full mortgage payment on the total principal amount.
Need help finding a lender? CONTACT ME
Bank of Canton
Bank of Fall River
Beverly Cooperative Bank
Bristol County Savings
Cambridge Mortgage Group, LLC
Cape Cod Co-Operative
Cape Cod Five
Charles River Bank
Chelsea-Provident Cooperative Bank
Citizens Union Savings Bank
Country Bank for Savings
Crescent Credit Union
Dedham Institution for Savings
East Boston Savings Bank
Fidelity Cooperative Bank
First Citizens Federal Credit Union
First Eastern Mortgage Corporation
Georgetown Savings Bank
Granite Savings Bank
Harbor One Credit Union
Holyoke Credit Union
I-C Federal Credit Union
Leader Bank, N.A.
Mackinac Savings Bank
Meetinghouse Cooperative Bank
Melrose Cooperative Bank
Mid-Island Mortgage Corp.
Monson Savings Bank
North Easton Savings Bank
North Shore Bank
Northeast Community Credit Union
Northern Bank and Trust Company
Rockland Trust Co.
Salem Five Mortgage Co., LLC
Saugus Federal C.U.
Savers Co-Operative Bank
South Shore Savings Bank
Spencer Savings Bank
St. Anne’s Credit Union
Taunton Federal Credit Union
Webster First Federal C.U.
Workers Credit Union
The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non-commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.