Affordable Housing for Moderate Income Families

And yes, I'm speaking to you.



Even in my Republican world, it hasn't escaped me that SO many of my friends, clients, soon to be friends, are in this category. Making a decent living, and STILL unable to obtain financing for a home.



They can make the monthly payment on a mortgage, but maybe can't swing closing costs, or credit scores are lower than they'd like, paying off old credit card debt, whatever. Very hard times for people like you.



This program crossed my desk - it's a pilot, and one of the first ones I've seen to meet the needs of US. Middle class. Work for the phone company. Still can't swing it.



Innovative - they are encouraging local non-profits to BUY THE HOUSE YOU WANT AND SELL IT TO YOU AT A DISCOUNT ON A RENT TO OWN BASIS. They pay your closing costs. They hold your mortgage for a few years, offer you credit counseling and help with your current debt, and then turn the ownership of the home over to you at the end of a couple of years.



Huge benefits to the non-profit. Tax breaks, cash flow, fulfilling their own local mission.



Huge benefit to you. The home you want. The terms you need. The credit counseling and possible debt consolidation that it will take to make you mortgageable.



Finally, someone is coming up with something that makes sense.

$1500 a month for your own waterview home in the Boston Area

Yes, this one is true, and a happier story to tell than the foreclosure scams in previous posts. We're VERY connected to this one - my favorite client has purchased this cute Cape in the neighborhood, and is bringing it back to its former glory.

The "neighborhood," by the way, is a tight knit, lakeside community in Framingham, MA

Check the mortgage calculator for details on the monthly payment - interesting numbers when average rent in the Boston area is $1875.

I've only posted the interior because the previous owner started turning it from red to gray, and only got halfway there.... keep your eyes out on this blog, and I'll update the pics when the exterior is done.

What if MY mortgage lender goes broke?

Interesting article on MSNBC about another question worrying some of my clients - can my mortgage holder go belly up and cause trouble with my mortgage payment?

The short answer is that the terms of your loan are legally fixed, and cannot change, no matter who takes over your lender/their assets. The deeper answer is that if this does happen to you, make sure you keep a close eye on your account to make sure payments are applied properly, your taxes are paid, etc. It's a paperwork nightmare for them, and could trickle down to you.

I have one client, Joanne, who's mortgage was sold to another company BEFORE she even made her first payment on her new home in February. And it's been sold again, since then due the mortgage holder's financial troubles. Joanne's sharp, and will stay on top of this, but it CAN be a part time job!