Where can I find information on federal or state financing or assistance programs for multi families in ma?
I will be a first time home buyer and I really want to get a multi family home, which will also be my residence for now. I read somewhere that I can look into different programs that will allow me to get approved for a larger mortgage, or get approved easier. I also read that there are programs that will offer assistance in buying, being a landlord, etc. Can anyone help me or point me in the right direction on this topic. Thanks
You should check with the Westfield Community Development Corporation (CDC) to see what buyer assistance programs they might have.
Hello Tony- Is it 2 family, or a 3-4 family? That can make some difference. Sometimes the city/ town will have their own grant as well. Chicopee might. I know towns like Lynn do as well (out East over here...). I know the Chicopee/ Westfield area a bit as well...
FHA may be the best way to go in general. 3.5% down payment,, and that can actually be a gift from a relative if needed. Also, the seller can contribute up to 6% of your closing costs.
Mass Housing.org or .gov would be another website to check out to see what the state of Mass might do and allow. If you'd like to chat, please contact me. I am licensed in Mass for mortgages, and I'm a multifamily owner myself. Thanks and good luck,
Ken L.
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Fair Housing and Equal Opportunity