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Homeownership Compact Makes Its Mark

Are you looking to buy your first home in the Bay State? Maybe you've heard of all the great things going on in the real estate market right now, and can't help but dream of bidding and buying your own piece of property. But of course, like anything else, your finances are probably the biggest consideration you have in taking that next step into homeownership - probably you're credit score is below ideal, or you just don't have enough funds for that required downpayment. Well, all of that is about to has changed.

Today, Gov. Deval Patrick signed the so-called "Home Ownership Compact" that releases more than 10,000 mortgages to first-time homebuyers in the Bay State. Regardless of your income bracket and purchase capability, the compact's aim is to provide mortgages from partner financial institutions, facilitated by MassHousing and the Massachusetts Housing Partnership Program. This comes as the state celebrates "Housing Week", and is aligned with city official's goal of creating 20,000 housing units in the next five years. Financial lending partners of the program include both locally-based and global banks such as Sovereign Bank, Citizens' Bank, Eastern Bank, Rockland Bank and Trust, Enterprise Bank, and Blue Hills Bank - with the latter three being Boston-based.

The compact is specially designed for young individuals and start-up families who are in the market for properties, but are limited by their financial capabilities and high mortgage interest rates that prohibit them from purchasing their ideal home. The newly signed deal also aims to further bolster the state's real estate industry, which is now in seller's side, and is in full-swing for the summer buying season.

The program comes as more and more developments are being inked throughout the state. To date, there 53 pending apartment projects in Boston alone with delivery expected within the next two to three years. In particular, these developments are located east, west and south of the city, with the innovation district leading the pack. Together with the  Homeownership Compact, these soon-to-be-built dwellings are also required by the state of allot at least 15% of its inventory to individuals who are obtaining property via the MassHousing facility.

Interested to purchase property? Contact us now and find out for free what you can afford and how you can best acquire it. Call (617) 505-1781 now!

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