The Program was developed in 1990 by a task force of the Massachusetts Bankers Association, the Massachusetts Department of Housing and Community Development, and the Massachusetts Housing Partnership Fund. This means you haven't owned home in the three years prior to applying for the Soft Second Loan Program. If you owned a home with a former spouse, are a single parent, or owned a home without a foundation can also be considered a first-time homebuyer. You must complete an accepted first-time homebuyer education course. Your total household income must be within Program limits.
Limits vary by community.
You must agree to use the property you purchase through the Soft Second Loan Program as your primary residence throughout the term of your loan. You must choose a home in a participating community an established subsidy source. You must choose a home within the purchase price limits. Before purchasing a home, you must qualify for a loan through a participating bank . To qualify you, banks evaluate a variety of factors including credit history, mortgage amount, amount of monthly payments, and personal income.