Home Buying in 01801>Question Details

Seejanebuyah…, Home Buyer in 01801

Can you buy a foreclosed property with a masshousing loan?

Asked by Seejanebuyahouse, 01801 Sat Nov 7, 2009

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MHFA has the same title seasoning as FHA. The seller has to have owned the property for at least 90 days with the exception of bank owned. The condition of the property could require the buyer to obtain a purchase and renovation loan but the terms are the same as the regular MHFA loan with the exception of having funds in escrow to repair the property.
0 votes Thank Flag Link Sun Nov 8, 2009
I recently sold a townhouse that was a foreclosed property and the buyer got her loan through MassHousing. I think the key to being able to get the loan is the condition of the property. This townhouse was in move-in condition.
0 votes Thank Flag Link Sun Nov 8, 2009
Provided that it passes certain guidelines and will be granted a Certificate of Occupancy, I believe you can. DEFINITELY get yourself a Buyer Agent!
0 votes Thank Flag Link Sat Nov 7, 2009
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