MassHousing offering $1,500 credit to homebuyers through Sept. 29
By Dick Lindsay, firstname.lastname@example.org
PITTSFIELD — Homebuyers on a tight budget are getting a break this summer on closing costs courtesy of MassHousing.
Through Sept. 29, the quasi-public agency is offering a $1,500 credit to low- and moderate-income families and individuals when they close the deal on a house through qualified local lender participating in the MassHousing loan program.
The lender, who provides the credit to the borrower, is reimbursed at the time of funding of the mortgage loan.
With closing cost running several thousand dollars, the credit could be a godsend for first-time buyers, according to agency and local officials.
"We are making home ownership more achievable for those who may be struggling in the current housing market," said MassHousing Executive Director Tim Sullivan in announcing the credit.
"Having just bought a home here, I can tell you it's a seller's market; so this program will help those who qualify," noted Deanna Rufer, who returned in June to lead the city's Community Development Office.
The $1,500 closing cost credit is available to qualified buyers with incomes at or below 80 percent of the Area Median Income, which is $53,280 in Western Massachusetts and $82,270 in the eastern part of the state. The agency designed the closing cost credit to be simple and user-friendly for the agency's 170 approved lenders, realtors and homebuyers, according to MassHousing officials.
Created in 1966, MassHousing is charged with providing financing for affordable housing in Massachusetts. The agency raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and/or mixed-income rental housing. MassHousing doesn't use taxpayer dollars to sustain its operations, although it administers some publicly funded programs on behalf of the commonwealth. Since its inception, MassHousing has provided more than $20 billion for affordable housing, according to the agency's website.
Go to www.masshousing.com for more information on the closing cost credit or the agency in general.