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MASSACHUSETTS AFFORDABLE HOUSING ATTORNEY
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Attorney
Profile
Condominiums
Restrictive Covenants
The Closing Process
Links
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.
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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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Lenders
and
Brokers
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Attorney Profile|Condominiums|Restrictive Covenants
The Closing
Process|Links||Home |
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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
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confidential. If you are a client, remember that e-mail may NOT be
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