MassHousing and Mayor Arrigo Announce $1,500 Closing Cost Credit to Help Working Families Achieve the Benefit of Homeownership
July 31, 2017
MassHousing and Revere Mayor Brian Arrigo have announced a limited-time, $1,500 closing cost credit for low- and moderate-income homebuyers that will run through September, designed to make homeownership more attainable, and sustainable, for working families.
MassHousing recently launched the initiative to make the $1,500 closing cost credit available to qualified buyers with incomes at or below 80% of the Area Median Income, which is $82,270 in Eastern Massachusetts. More information on how to apply can be found at www.masshousing.com or by calling 617-854-1000.
“Through this powerful new pilot incentive program, we are making homeownership more achievable for buyers who may be struggling in the current housing market,” said MassHousing Executive Director Tim Sullivan. “We are advancing MassHousing’s longstanding commitment to providing affordable, conventional mortgage finance to Massachusetts residents.”
“Revere is proud to support this program, which helps connect working families to the dream of homeownership,” said Mayor Brian Arrigo.
Many homebuyers are having a difficult time navigating the current Massachusetts housing market, where demand has exceeded supply.
MassHousing has designed this new closing cost credit to be as simple and user-friendly as possible, for the Agency’s 170 approved lenders, Realtors and homebuyers. For borrowers of modest means, the $1,500 closing cost credit delivers added affordability to their home purchase. Borrowers will receive the credit at closing, with no strings attached, no hidden fees and no payback requirements.
For more information about the $1,500 closing cost credit please visit www.masshousing.com or contact a MassHousing-approved lender.