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Revere trust pursues lender partnerships, resource page to boost first-time homebuyer aid
Summary
Staff continue to process down-payment assistance applications and are researching partnerships with lenders and state programs; Deb Frank explained the MHP 1+ mortgage product and MassHousing subsidy options that could stack with local grants.
Joe Rafalese updated trustees that the trust has received additional first-time homebuyer down-payment assistance applications and is researching ways to help applicants leverage existing state programs and lender partnerships.
Deb Frank explained the Massachusetts Housing Partnership (MHP) 1+ mortgage product: lenders that participate price the loan about 30 basis points below the prevailing conforming rate and the program permits down payments as low as 3%. Frank said the 1+ product covers single-family through three-family properties and that a subsidy option is available for buyers at or below 80% of AMI. She also noted MassHousing offers down-payment assistance and other subsidy tools that can be combined with local grants.
Rafalese said staff will prepare a landing page of resources explaining available programs and the list of participating lenders used by other cities; he also said staff are exploring whether a formal relationship with local lenders is possible to streamline applicants’ mortgage access.
Trustees discussed outreach and the possibility of formal lender partnerships; Rafalese said staff will continue research and return with recommendations.
