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MassHousing and Bristol County Savings Bank Announce Buy Cape Cod and the Islands to Promote Homeownership

Bristol County Savings Bank will make MassHousing personal mortgage loans available to qualified homebuyers and homeowners to refinance their property as part of MassHousing’s Buy Cities Program

MassHousing, Buy Cape CodBOSTON – July 12, 2016 – MassHousing and Bristol County Savings Bank have announced Buy Cape Cod and the Islands to promote affordable homeownership opportunities on Cape Cod, Martha’s Vineyard and Nantucket.

The initiative is the latest in MassHousing’s Buy Cities Program that makes MassHousing personal mortgage loans available to qualified homebuyers and homeowners who want to refinance their property in a particular Buy Cities community. Buy Cape Cod and the Islands is different from previous Buy Cities initiatives in that it is available to people who live and work in the 23 cities and towns on the Cape, Martha’s Vineyard and Nantucket rather than in a single community.

The Buy Cape Cod and the Islands program is a collaborative effort between MassHousing and Bristol County Savings Bank.

“The Buy Cities Program has been very successful in other communities around Massachusetts and we are pleased to partner with three lenders who are as committed as we are in helping qualified borrowers on the Cape and the Islands purchase or refinance a home,’’ said MassHousing Executive Director Timothy C. Sullivan. “Buy Cities also involves working closely together with municipal officials, non-profit groups and real estate professionals so these borrowers are educated about the home buying process and ready to become successful homeowners.’’

The lenders are offering long-term financing for up to 100 percent of the purchase price of a new home or up to 100 percent of the current fair market value of a property for refinancing. The loans also include MassHousing’s MIPlus® mortgage insurance, which will pay a borrower’s monthly principal and interest payments for up to six months in the event of a job loss.

Households with a combined income of up to $108,405 are eligible for the Buy Cape Cod and the Islands program in Barnstable County. Households earning up to $118,125 can qualify in Dukes County and households earning up to $126,900 can qualify in Nantucket County.

“As a current participant in the Buy Cities Program covering Fall River, New Bedford, Attleboro and Taunton, Bristol County Savings Bank was thrilled to collaborate with MassHousing and extend the benefits of the program into the Cape and Islands,’’ said Nelson Braga, Bristol County Saving Bank’s Senior Vice President of Residential Lending. “Our strategic initiative has included fostering homeownership by expanding affordable housing programs in these locations. Providing flexible financing coupled with additional closing cost savings is a home run for potential homebuyers and we look forward to promoting these benefits at our future homebuyer seminars.’’

Housing Assistance Corporation – Cape Cod (HAC) is one of the non-profit organizations on the Cape that provide homebuyer education courses, both on-line and in the classroom, as well as classes on creating a budget, rebuilding your credit, community resources and a workshop for homeowners to successfully maintain and retain their housing.

“We love the idea of this program helping homebuyers purchase and secure housing on the Cape and Islands,’’ said HAC Housing Consumer Education Center Manager Cheryl Kramer. “We are excited that MassHousing was willing to create mortgage products that would be unique to our region and for our potential homebuyers. MassHousing and the lenders offering the Buy Cape Cod and the Islands program are providing another opportunity for homebuyers to secure housing and be able to afford and stay on Cape Cod and the Islands where many have been raised or chosen to raise their families and work. Due to the rising costs of housing they are being forced to relocate to other parts of Massachusetts and commute here for work. HAC has a goal of people living and working in the same place which grows stronger communities.’’

To qualify for the Buy Cities program, borrowers must meet income, loan limit and minimum credit score requirements. For more information about the Buy Cities Program, please click here.