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3 Tips to Simplify the Loan Process
1. Bank PreApproval Letter (Must be Submitted with Application)
Suggestions:
- Find a Lender/Loan Officer that you are Comfortable With
- Find a Lender/Loan Officer that is Familiar with Massachusetts Deed Restricted Housing
- Ensure that Letter from Bank Addresses the Following:
- 30 Year Fixed Rate Mortgage
- Minimum 3% Downpayment
- Housing Ratio is not more than 38%
Financial Information for 89 Oxbow (note tax rate based on current Wayland Mill Rate = $14.98)
2BR/80%AMI: $161,834, Condo Fee $234/mth, Real Estate Tax = $202/mth
3BR/80%AMI: $178,153, Condo Fee $282/mth, Real Estate Tax = $222/mth
2BR/100%AMI: $216,759, Condo Fee $235/mth, Real Estate Tax = $271/mth
3BR/100%AMI: $239,213, Condo Fee $282/mth, Real Estate Tax = $299/mth
If you have Questions - Contact us!
2. Mass Housing Partnership Soft Second Loan Program ("Soft Second Program")
Program Offered by State of Massachusetts to Make Ownership More Affordable
Many Banks Participate (worth asking bank if it works with MHP Soft Second Program)
Benefits of State Program:
- Below Market Interest Rates
- No Closing 'Points' (or fee at Closing)
- Allow Minimum 3% Downpayment
- No Requirement for Private Mortgage Insurance ("PMI") - saves on monthly payment
Link to MHP Soft Second Program for list of participating banks and Soft Second Loan Calculator:
www.mhp.net/homeownership/homebuyer
3. First Time Home Buyers Class (Must be Completed to Purchase Home)
March 9:
Sponsored by Watertown Community Housing, call Robyn Rufo 617-923-3505 x5
March 31:
In Canton and sponsored by Neighborhood Housing Services of the South Shore, call Debbie Edgerly at 617-770-2227 x31
Other Agencies:
For more details on the first time homebuyer courses listed above (except for those sponsored by MAHA) please visit www.chapa.org and click on 'Looking for Housing'
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