MassHousing Offers $1,500 Closing Cost Credit for Working Families
The City of Pittsfield is pleased to share that MassHousing has announced a limited-time, $1,500 closing cost credit for low- and moderate-income homebuyers that will run now through September to make homeownership more attainable, and sustainable, for working families.
MassHousing launched the initiative to make the $1,500 closing cost credit available to qualified buyers with incomes at or below 80 percent of the Area Median Income, which is $53,280 in Western Massachusetts and $82,270 in Eastern Massachusetts. The agency designed the closing cost credit to be simple and user-friendly for the agency’s 170 approved lenders, Realtors, and homebuyers.
For borrowers of modest means, the $1,500 closing cost credit delivers added affordability to their home purchase. Borrowers will receive the credit at closing, with no strings attached, no hidden fees and no payback requirements.
“Through this powerful new pilot incentive program, we are making homeownership more achievable for buyers who may be struggling in the current housing market,” said MassHousing Executive Director Tim Sullivan. “We are advancing MassHousing’s longstanding commitment to providing affordable, conventional mortgage finance to Massachusetts residents.”
“I am thrilled any time we’re able to share information on resources that enhance access and opportunity in the City of Pittsfield. This is a valuable offering that will help members of our community navigate the pathway to homeownership, which is one that may come with a variety of costs along the way,” said Mayor Linda Tyer.
For more information about the $1,500 closing cost credit please visit www.masshousing.com or contact a MassHousing-approved lender.