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SoftSecond Loans Enhanced for Foreclosed Properties in Hardest Hit Areas

3.8.09

The Massachusetts Housing Partnership recently announced that beginning April 1, 2009, a new enhanced version of SoftSecond can be used by qualified homebuyers looking to purchase foreclosed condominiums, single-family, two-family and three-family homes in neighborhoods hardest-hit by foreclosure. This new enhanced version waives SoftSecond’s first-time homebuyer requirement and raises the household income limit to under 120% of area median in designated census tracts in 39 communities that are eligible for federal Neighborhood Stabilization Program (NSP) funding, including Billerica, Chelsea, Dracut, Haverhill, Lawrence, Lowell, Lynn, Methuen, Peabody, Revere, Salem, Saugus and Somerville.

Grant awards will range from up to $20,000 for single-family homes and up to $40,000 for two- and three-family homes in neighborhoods that are eligible for NSP rehabilitation grants.  SoftSecond can also be used in combination with any rehabilitation financing offered by lenders.

For more information, click on this link and also this link.

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