The City of Boston Home Center Financial Assistance Program is a great program for prospective purchasers of property in the City of Boston that haven’t owned a property in the past three years. There are some asset and income guidelines that need to be met. Basically, the prospective purchaser can’t have too many assets or make too much money but the guidelines are more liberal that you might think. You may qualify even if you consider yourself to be financially solid. I’ve worked with many buyers that’ve gone through the program over the years and the program can be a great resource.
The Financial Assistance Program offers grants to eligible participants of up to 3% of the purchase price towards a down payment and/or closing costs for condominiums, single family properties and two-family properties and up to 5% of the purchase price for three-family properties; with a 0% interest rate, the ability to defer payments if necessary and a ten year term loan that may be forgivable at the end of the loan. The program may be used in concert with Fannie Mae’s new 3% down payment program called HomeReady or other mortgage programs.
I’ve worked directly with the Boston Home Center’s Assistant Director Dwan Packnett in 2013 when one of my buyers was having an issue obtaining his mortgage through Bank of America; she was instrumental as a conduit between the City of Boston’s Department of Neighborhood Development and Bank of America. I don’t think my buyer would’ve been able to buy the property without her help. I’ve also worked with the new Boston Home Center Deputy Director Rob Consalvo during his time as Boston City Counselor and I know that he’ll be a great resource for the organization.
The Boston Home Center Financial Assistance Program has a nice list of banks and even a credit union on their approved list of participating mortgage lenders. I’ve worked with many of these mortgage lenders. Here’s a list of the mortgage lenders that I recommend:
- Colleen Eyges of Boston Private Bank – Email
- Andrew Sobers of Mt. Washington Bank – Email
- Mark Zarse of Blue Hills Bank – Email
I want to let you know that I’ve had awful experiences with both Bank of America, which no longer seems to be on the Boston Home Center’s list of participating lenders, and Citizens Bank, which still seems to be on the Boston Home Center’s list of participating lenders. I highly suggest that you do not use either of those two mortgage lenders.
Happy house hunting!
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