NEW BEDFORD, Mass. – Local credit unions and banks are teaming up for a program to help buyers purchase foreclosed properties in the city with state, local and private assistance.
Potential home buyers interested in foreclosed properties are being urged to consider a "Buy New Bedford" loan that offers 30-year, fixed-rate mortgages with slightly below market interest rates along with lower down payments and the possibility of being able to skip private mortgage insurance.
Applicants must meet income limit guidelines set by MassHousing, which set the maximum income at $78,200 for families of one or two people and $89,900 for families of three or more. MassHousing is part of the Massachusetts Housing Finance Agency, a quasi-public state entity aimed at creating and supporting housing.
The Buy New Bedford mortgage came out of the Fall River/New Bedford Housing Partnership, which was created in 2007 to deal with housing and specifically foreclosure issues. The partnership includes a number of not-for-profits along with Fall River Municipal CU, First Citizens FCU and St. Anne's CU, as well as BankFive, Bank of Fall River, Bristol County Savings Bank and Citizens Union Savings Bank.
