Financing in Lowell>Question Details

Ninfragile19, Home Buyer in Lowell, MA

How will the change in lending practices for condos affect first-time homebuyers going through Masshousing?

Asked by Ninfragile19, Lowell, MA Wed May 27, 2009

I spoke to a realtor and during the discussion, she made me aware that it will be harding to obtain a condo mortgage now that the rules have tightened up. I'm a first-time buyer hoping to go through either Masshousing for a loan or through Massachusetts Housing Parternership's Soft Second program. I'm afraid that I won't be able to come up with a larger down payment without the assistance I was hoping for. Any insight to this?

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Janet Sterman’s answer
My first thought was "why are you talking with realtor about lending practices"? Realtors are licensed to represent buyers and sellers in home purchase transactions, not obtaining financing for these transactions. Plus, it's not their area of expertise.
Mortgage loan origintors must be licensed by the state where they are taking loan applications. This includes continuing education and responsibility in the transaction. Make sure you are working with a Massachusetts licensed loan officer!
0 votes Thank Flag Link Thu May 28, 2009
I would suggest talking with a good mortgage broker. If you'd like to email me and I can give you a list of some great mortgage brokers that are very knowledgeable about the condo lending restrictions. My email is Nikki.Devaux@SothebysRealty.com

It's true that obtaining a condo mortgage is more complicated than it was in the past, but it doesn't mean it's impossible in every situation. I'm currently working with a buyer who's going through MassHousing to purchase his condo. You just need to make sure that you're working with a good Buyer's Agent and also a good mortgage broker who can advise you on the best route to home ownership!

Best of luck!
~Nikki

Nikki Devaux
Realtor, ABR
Hallmark Sotheby's International Realty
P: 617-276-5247
Nikki.Devaux@SothebysRealty.com
Web Reference: http://www.nikkidevaux.com
0 votes Thank Flag Link Wed May 27, 2009
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