August 7, 2020

Partnerships Lead to Home Ownership

With rental prices on the rise, you might think owning a home just isn’t in the cards for you. If that’s the case, think again!

In fact, many nonprofit organizations are doing great work to support and finance affordable housing within our local communities today. We proudly partner with the MassHousing Buy Cities program for Fall River and New Bedford. 

  • Financing options include long-term ARMs and fixed-rate loans of up to 30 years in length—even cash-out and rate-and-term refinancing!
  • Multi-unit properties (up to four units) are also eligible.

Through this initiative, MassHousing supports local efforts to encourage homeownership in cities and towns throughout Massachusetts, including Attleboro, Brockton, Chicopee, Fall River, greater Gardner, Holyoke, New Bedford, Quincy, Southbridge, Springfield, Taunton, Ware, Westfield, and Worcester. 

The Buy Fall River, Buy New Bedford, Buy Taunton, and Buy Attleboro programs are all aimed at promoting homeownership within BayCoast Mortgage’s flagship cities.

How Does the Buy Cities Program Work?

  • We offer financing with no points for up to 100% of the purchase price of a new home, or 97% of the current fair market value of a property for limited cash-out refinances. 
  • To qualify, borrowers must meet income guidelines (up to $108,810 in Bristol County), as well as loan limits and minimum credit score requirements. 
  • Mortgage funding from lenders like BayCoast Mortgage is combined with MI Plus™ mortgage insurance from MassHousing.

Through our partnership with the Buy Cities program, first-time homebuyers (as well as existing homeowners) can get connected with educational services and safe, affordable mortgage options.

  • Homebuyer and First-Time Homebuyer Workshops and Seminars
  • Mortgage Counseling Workshops
  • Credit Counseling
  • Tenant Counseling
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