Homebuyer Programs


The City of Peabody has compiled a list of resources to assist residents. Please use the links below to seek assistance.

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Massachusetts Housing Partnership (MHP)

SoftsecondT Loan Program
- Must be a first time homebuyer
- Complete an accepted homebuyer training course
- Be within the household income eligible guidelines
- Low Interest Rate
- No Points
- No Private Mortgage Insurance (PMI)
- Homebuyers must put down 3%
- Offered through your local lender

Contact : Deborah Clarke, Outreach and Processing Coordinator
Telephone : 617-330-9944 Ext. 230
Website : www.mhp.net

MASSADVANTAGET

-Must be a first time homebuyer
-Must meet income and purchase price limits
-Complete and accepted homebuyer training course if making a down payment of less than 5% or if you are purchasing a 2-4 family home
-Minimum down payment of 3% required, low interest rate
-Offered through your local lender

Telephone : 888-627-7562
Website : www.masshousing.com

Transit Oriented Home Mortgage Loans

-Mortgage program for regular mass transit riders who buy homes near public transportation
-Loans are 30-year, adjustable-rate mortgages
-Interest rates below those of fixed-rate mortgages
-Zero points
-Rates are locked for at least the first five years
-Interest rate caps restrict the amount by which rates may increase after the fixed portion of the loan is completed
-Offered through your local lender

Telephone : 888-627-7562
Website : www.masshousing.com

Municipal Mortgage Program

-Specifically designed to help public servants buy a home in the city or town were they work

-Available to the following full-time salaried populations: Municipal employees, State and county employees in the fields of public safety, law enforcement, education, social services and health care, employees of non-profit organizations in the fields of public safety, law enforcement, education, social services and health care. -97% financing (a 3% down payment is required)

-Available for 2-, 3- and 4-family properties

Telephone : 888-627-7562
Website : www.masshousing.com

MASSADVANTAGET Purchase and Rehabilitation Program

-First-time home buyers purchasing a home in need of major repair

-Must meet income and purchase price restrictions

-May be used to cover both the purchase price of a home plus necessary rehabilitation costs

-Loans are available for 1- to 4-family properties and are made through approved lenders

-Maximum loan amount may not exceed 97% of the sales price plus rehabilitation cost or the estimated appraised value after rehabilitation, whichever is less

-Licensed contractors must complete all rehabilitation work

-Offered through your local lender

Telephone : 888-627-7562
Website : www.masshousing.com