Working
Together,
Building
Homeownership
Homeownership Resource Guide
2015
MassHousing—Making the Process Easier
Jose Baez, an electrician with two young daughters, is a first-time
homebuyer who purchased a single family home using a MassHousing
Mortgage with no Mortgage Insurance (MI) and a 3% downpayment.
A MassHousing Mortgage offers competitive interest rates and low
downpayments as well as three different PMI options to help create
affordability and increase buying power. Loans are offered through
our network of partner lenders and payments are made directly to
MassHousing, a Boston-based, customer-focused service provider—
a local name you can trust.
“ For anyone who has any doubts, MassHousing made
the process easy. I didn't think it was ever possible
to own our own home.” - Baez Family
www.masshousing.com/homeownership or 1.888.843.6432
E Q UA L H O U S I N G
O P P O RT U N I T Y
The Homebuying Mentors
Table of Contents
The Homebuying Mentors
05 Welcome to The Homebuying Mentors!
07 Homebuying 101 & One-on-One Coaching
08 The Road Home: Online Homebuying Class
09 The Homebuying Mentors
Spotlight
11 Homebuyer Spotlight: Paola Ferrer
The Homebuying Process
13 19 Confusing Mortgage Terms Deciphered
19 So What Kind of Property Should I Buy Anyway?
23 The One vs MH vs FHA
27 Affordable Mortgage Comparison Chart
28 The Homebuyer’s Timeline
31 Buying an Affordable Home
Homeownership
33 Six Things to Know About Homeowners
Insurance
35 Top 9 Landlord Legal Responsibilities
in Massachusetts
39 Homeowner’s Checklist for Avoiding Foreclosure
Resources
45 Directory of Resources
First-time homebuyer classes are offered
throughout the year in Boston, on the North
Shore and in Metro West communities.
Register today at
www.TheHomebuyingMentors.org.
See page 07 for more details!
The Allston Brighton CDC is a HUD certified Housing Counseling
Agency, holds a Seal of Approval from the Massachusetts Homeownership
Collaborative, and adopts the National Industry Standards for Homeownership
Education and Counseling.
Designed by Intercreativa. www.IntercreativaDesign.com
3
A ROCKLAND TRUST
MORTGAGE
COMES BUNDLED WITH:
• Knowledgeable, accessible loan officers
• Rates that help make financing affordable
• A 107-year history of lending
Programs that make homeownership
possible for so many
• Fixed and adjustable rate loans
• Jumbo loans with competitive rates
• Mass Housing—low down-payment,
no mortgage insurance
• MHP One—low down-payment and
favorable rates
• Construction loans—fixed rate with
one closing
• Portfolio lending—conforming and
jumbo
• Lender paid mortgage insurance
programs
• Home Affordable Refinancing
Program (HARP)
• FHA loans
2010-2014
4
Convenient mortgages
• Easy to apply—in person,
online, or over the phone
• Free pre-qualification
• $250 closing cost credit
(valid for loans closed by
12/31/15)
For more information, call:
John Allard
NMLS#697230
617.448.8324
Bernadette Conneely
NMLS#414808
781.985.3674
Member FDIC
Subject to credit approval.
The Homebuying Mentors
Welcome to The
Homebuying Mentors!
The Homebuying Mentors is Allston Brighton
CDC’s education and counseling program for firsttime homebuyers.
We are an independent, not-for-profit resource
available to Massachusetts residents to help plan
responsibly for their future through homeownership
education and coaching.
We build a trusted environment where residents
across Massachusetts can engage with experienced mentors to create
personalized solutions for their homeownership experience.
For over 35 years Allston Brighton CDC has been committed to improving
neighborhood and community stability. We do this through educating
and counseling first-time homebuyers and homeowners, providing an
avenue for community voice, and keeping homes affordable and green
for years to come.
Join us Today!
The Homebuying Mentors | A Program of Allston Brighton CDC
Visit:
20 Linden Street, Suite 288, Allston, MA 02134
EMAIL:
[email protected]
Online:
www.TheHomebuyingMentors.org
Call:
617-787-3874
Follow:
Facebook.com/TheHomebuyingMentors
@HomebuyMentors
5
Buying a New Home or
Repairing Your Current One?
The Boston Home Center
is your one-stop shop for
programs and services to help you!
We’ve helped thousands
of Bostonians buy
and repair their homes.
Learn What We Can Do
For You.
www.bostonhomecenter.com
or call 617-635-HOME (4663)
City of Boston
Mayor Martin J. Walsh
Department of
Neighborhood
Development
KEEPING COMMUNITIES STRONG
THROUGH A WIDE RANGE OF
FINANCIAL SERVICES.
BrooklineBank.com
Member FDIC | Member DIF
Equal Housing Lender
6
The Homebuying Mentors
Homebuying 101 &
One-on-One Coaching
Your roadmap to buying your first home
• Learn the step-by-step process of buying a
home in Massachusetts
• Receive personal coaching from the start of
the class to your closing
• Gain access to trusted real estate professionals
• Receive access to low interest rate firsttime homebuyer mortgage products, down
payment and closing cost assistance, and
more!
Homebuying 101 is an 11 hour course offered
in three and four session formats. We offer
classes regularly in Allston Brighton, Watertown
and on the North Shore in Salem, Peabody and
Beverly. Check to see if we’ll be in your area
soon and register for our course today!
Register on our website:
www.TheHomebuyingMentors.org
For more information call or email one of our experienced Homebuying Mentors today:
Ian Dalley
Homeownership Program Manager
617-787-3874 x35
[email protected]
Michelle Meiser
Director of Homeownership
617-787-3874 x35
[email protected]
7
The Homebuying Mentors
The Road Home: Online Homebuying Class
The Road Home online class is a comprehensive course taking first-time
buyers through the entire home purchase process. The online option allows
participants to complete the course on their own time. One supplemental
in-person session is required to complete the course before participants
receive their certificate. The in-person session highlights key aspects of
the process and gives participants the opportunity to have their questions
answered by a Mentor or a real estate professional. Graduates of the online
course have access to the same benefits as the Homebuying 101 graduates,
including access to special first-time homebuyer mortgage products, down
payment and closing cost assistance, and supplemental coaching sessions
from The Homebuying Mentors at no additional cost.
Register for The Road Home and access the online class through our website:
www.TheHomebuyingMentors.org
Our loan experts will help you
with everything you need for
your first home purchase.
Steven Dion
NMLS# 31919
617-478-4000 X2463
Lourdes Connolly
NMLS# 466351
617-439-4967
hereyourefirst.com
Member FDIC
8
P
The Homebuying Mentors
The Homebuying Mentors
Our Success | By the Numbers
Over the last 20 years the Allston Brighton CDC has educated thousands
of prospective first-time homebuyers hailing from all over Eastern
Massachusetts.
Over the past five years more than 700 program graduates
have purchased their first home with support from The
Homebuying Mentors.
Classes Taught
• Each year we teach at least 12 Homebuying 101 classes, with a total of 166
Homebuying 101 classes since the inception of the program.
• We have provided over 80 additional workshops for homebuyers and
homeowners including Homebuying 102: Purchasing a Condominium,
All About Mortgages, How to Purchase a Foreclosed Home, Home Owner
201, Condo Owner 201, How to File Your Taxes as a Homeowner, and more.
Number of Graduates
• Last year 450 first-time homebuyers graduated from our homeownership
program.
• Over 4,700 people have graduated since the beginning of the program.
Homes Purchased
• Over 1,850 graduates have purchased their first home since the
inauguration of the program.
Financing Leveraged
• In total, our graduates have leveraged over $328 million in mortgage
financing.
• Last year the average mortgage of a graduate was $258,000.
• Last year 154 graduates purchased a home, leveraging over $28 million in
financing.
Success Through Partnership
• We partner with 15 local lending institutions to provide homebuyer
education and coaching programming.
• We partner with 45 high quality real estate professionals including lenders,
real estate agents, inspectors, attorneys, and home insurance agents to
support first-time homebuyers as they build their real estate teams.
9
• We partner with local organizations and municipalities including the
North Shore CDC, Metro West CD, City of Boston, City of Salem, Town of
Brookline and the Town of Natick.
Where and How our Graduates Invest in their Homes
PURCHASES BY COUNTY
PROPERTY TYPES
2% 1%
Multi-Family 2%
24%
2%
Single Family
45%
Condo 53%
7%
45%
Bristol
Essex
Middlesex
Norfolk
10
10%
Plymouth
Suffolk
Worcester
SPOTLIGHT ARTICLE
The Homebuying Mentors
Homebuyer Spotlight:
Paola Ferrer
In March of 2006 Paola took Allston Brighton CDC’s Homebuying 101
course. She was ready to put down permanent roots in her neighborhood
in Allston Brighton and buy her first home. The class gave her concrete
tools to get organized and prepare for her home purchase. Even more important were the connections to lenders and real estate agents, two of the
key real estate professionals everyone works with when buying a home. Buying a home in Allston Brighton is not an easy task. Paola had invested in
herself and her career for years, with a JD and a solid career in non-profit management and development. As a result, she still had to contend with her student loan debt and the salary reality of choosing a non-profit career. Finding
a home to buy in Allston and Brighton is a huge challenge to aspiring owner
occupants because of the fierce investor competition. With a large transient
population of students, investors jump at properties before they are even
available on the Multiple Listing Service, working deals behind the scenes
with real estate agents. To add to the challenge, when a viable property is
available often a first-time home buyer with a low down payment is out of
the running for a property because the owner occupant rate is less than 50%.
Many first-time home buyers enter the market with the purchase of a condominium and are likely to access loans that follow Fannie Mae guidelines.
One key guideline is the requirement for at least 51% owner occupancy rate.
With the investor market in Allston and Brighton this can be a challenge.
With patience and diligence Paola
achieved what some think of as the
impossible. She bought her first
home in her community and was
able to put down her home ownership roots in Allston. The support
from Allston Brighton CDC’s home
ownership program, The Homebuying Mentors, helped her make
it happen. We ensured Paola had
the necessary information and understanding of the Homebuying
process, connections to high quality real estate professionals and
confidence to achieve her goal.
11
The right house deserves
the right mortgage.
At Cambridge Trust, we’ll guide you through
every step of the home buying process and
help find the mortgage that’s right for you.
We offer competitive rates and a variety of
options tailored to fit your needs.
Call Sal Sagarese, Mortgage Specialist
617-441-1406 | MLO ID # 759511
Apply online at cambridgetrust.com/mortgages
MEMBER FDIC NMLS# 697495
If you are a first-time homebuyer,
ONE Mortgage is the program for you.




Pay no Private Mortgage Insurance
Get a low, fixed interest rate
Put down as little as 3%
Build home equity
Learn more about ONE Mortgage at www.mhp.net/onemortgage or call 1 -800-752-7131
12
The Homebuying PROCESS
19 Confusing Mortgage Terms Deciphered
Source: www.finance.yahoo.com | By Gerri Detweiler
If you have ever tried to get or refinance a mortgage, you may have felt like
you were in a foreign language class: some of the words seem familiar but
you aren’t sure you know exactly what they mean. PMI, APR, escrow, jumbo,
etc. Here we decipher some of the most common terms you are likely to
come across, plus give you the scoop on why they are important.
1. Adjustable-Rate Mortgage (ARM): A loan with a rate that can change
from time to time. Adjustable rate loans are tied to an index such as the
prime rate or LIBOR and will change according to a schedule laid out in the
loan documents.
The Scoop: Super-low introductory “teaser” rates that got a lot of homeowners in trouble during the housing boom and bust are largely gone, but ARMs
are still available. When interest rates are extremely low, however, the benefit of a slightly lower rate may not be worth the risk that the rate (and payment) can rise in the future.
2. Annual Percentage Rate (APR): The interest rate expressed as an annual
rate. When it comes to mortgages, the APR is always higher than the interest rate (or “note” rate) because it includes additional costs such as points or
mortgage insurance (if applicable), and other fees associated with the loan.
The Scoop: A lower APR isn’t always your best choice. If you don’t want to
pay closing costs, for example, or if you plan to be in a home for a relatively
short period of time, a higher APR with lower out-of-pocket costs can be the
better financial choice.
3. Appraisal: An evaluation of a property’s value on a specific date. Appraisals are prepared by licensed professionals.
The Scoop: A value you see online may be far different than what an appraisal
determines. Appraisers must rely on “comps” — what similar properties in
terms of age, style, size, etc. sold for recently. If there are no recent comparable sales or a property is very unusual, it can make it more difficult to get
an appraisal that will be acceptable to a lender if financing will be involved.
That’s something to keep in mind if you are thinking about buying a “one of
a kind” house.
4. Broker: A mortgage broker typically works with multiple lenders for
which it will take and process loan applications.
13
The Homebuying PROCESS
The Scoop: A good mortgage broker will shop for the best loan for a client,
depending on that client’s needs and qualifications. Don’t assume going
through a broker will cost more. In the sometimes crazy world of mortgage
financing, the broker should have access to competitive — or even better —
rates than an applicant can get by going directly to the same lender. However, some loan officers (brokers as well as in-house lenders) have put their
own financial interests before that of their clients, so choose a mortgage
company with a solid reputation and track record.
5. Closing Costs: Costs paid by the borrower and/or seller when a home is
sold. Costs may include the appraisal, points, document processing, tax service, underwriting, application fees, lender or broker fees, credit report pull,
flood certification, inspection, title fees and possibly more. Typical closing
costs vary by state though the national average in 2012 was $3,754, according to Bankrate.com.
The Scoop: Some lenders offer no closing cost loans, but they mean different
things to different lenders. Sometimes they refer to no lender costs, sometimes to wrapping the closing fees into the loan, and sometimes to getting
a lender credit to pay for all the closing costs. Joseph Kelly, president of ArcLoan.com, has been helping to educate borrowers on the value of these
loans since 1998. He says, “A true no closing cost option provides a credit
from the lender to offset all of the closing costs on a mortgage. It is the best
option for borrowers who may only be in their home five to seven years, or if
interest rates may drop further in the next couple of years.”
6. Conventional: Conventional loans or financing refers to loans that meet
the funding criteria of Fannie Mae or Freddie Mac. This is in contrast to government-insured loans (such as VA or FHA) or portfolio loans (loans that a
lender plans to hold rather than package and sell).
The Scoop: Conventional loans have been more popular in recent years, but
don’t limit your search to conventional financing. An FHA or VA loan may
offer a lower down payment, for example, or may be a better choice if your
credit scores aren’t really high.
Taking the next step towards home ownership?
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We offer personal insurance solutions to meet all your needs.
Call us to schedule an appointment today.
978.922.2288
[email protected]
www.applebywyman.com
14
The Homebuying PROCESS
7. Credit Report: A credit report details a borrower’s payment history and
information about certain public record items such as bankruptcies, judgments or tax liens. They are compiled by three major credit reporting agencies (CRAs): Equifax, Experian and TransUnion.
The Scoop: Most mortgage lenders will review a “tri-merge” credit report that
contains a borrower’s history from all three of the major CRAs. If more than
one person is applying for the loan, each borrower’s credit reports will be
reviewed. It’s a good idea to review your credit reports and credit score at
least three months before you apply for a mortgage so you’ll have plenty of
time to fix any mistakes you find.
8. Escrow/ Impound Accounts: The lender collects money each month
from the borrower as part of the monthly payment to cover the cost of property taxes and/or hazard insurance premiums, which are typically then paid
by the lender once or twice a year.
The Scoop: Your lender may or may not require an escrow/impound account.
Even if one isn’t required, you may want to think about one since it can make
it easier to budget for these large expenses. And although you may think of
the cost of insurance and taxes as part of your monthly payment, it’s smart
to shop each year to make sure you aren’t overpaying for insurance or on
your property taxes.
9. FHA: FHA loans are insured by the Department of Housing and Urban Development (HUD) and feature low down payments. In addition, certain closing costs can often be included in the loan and credit score requirements
can be more flexible than some conventional loans.
The Scoop: These loans require the borrower to pay a Mortgage Insurance
Premium (MIP), which adds to the monthly cost of the loan. Recent changes
to the FHA program will require borrowers to pay MIP for the entire life of
the loan.
15
The Homebuying PROCESS
10. Fixed Rate: Your interest rate is fixed at a certain rate for a specific period
of time. For example, a 30-year fixed rate means your rate is fixed for 30 years.
The Scoop: A fixed rate doesn’t mean your payment can’t change during that
time, however. If your payment includes taxes or insurance and the amount
you pay for them change, your payments will change as well.
11. Good Faith Estimate (GFE): A good faith estimate provides an estimate
of your closing costs and loan terms if your application is approved. You
must receive one within three business days of applying for a mortgage.
The Scoop: A GFE can be a helpful tool for understanding what a loan may
cost, but it doesn’t mean that’s exactly what you will pay. You can use a GFE
to shop around or to compare different loan options (lower rate with higher
closing costs vs. higher rate with lower closing costs, for example). Certain
fees that have been quoted can’t change, or can’t change by more than 10%,
though third-party fees can differ from what’s quoted in the GFE.
12. In-House Lender: An “in-house” lender refers to where the mortgage application is processed, underwritten and closed in the same place.
The Scoop: When the company you applied with has all those pieces within
their same company there is more control over the process and time needed
to complete the loan, says Kelly. Often these lenders are also called “direct
lenders” as opposed to a broker who sends the file out to another company
to underwrite the loan.
13. Jumbo Loan: A jumbo loan is a mortgage loan above Fannie Mae and
Freddie Mac’s conforming loan limits, currently $417,000 in most parts of the
country, and $625,000 in some high-cost areas.
The Scoop: Jumbo loans are considered more risky to lenders, so they will
typically carry slightly higher interest rates.
14. Loan-to-Value (LTV): The loan-to-value ratio compares the total amount
of the loan to the value of the property. Figuring the LTV is easy: Just take the
loan amount, divide it by the value of the property and move the decimal
two spaces to the right.
The Scoop: LTV is important for both purchase and refinance mortgage loans.
High LTV loans are more risky. Some loan products or programs will not allow loans to be made above a certain LTV (for example, 80%), rates may be
higher for higher LTV loans, or a lender may require the borrower to pay for
mortgage insurance to protect the lender in case the borrower defaults.
15. Private Mortgage Insurance (PMI): If you are making a down payment
of less than 20% on a home or try to refinance and your LTV is above 80%,
you may be required to pay for PMI, which protects the lender if you don’t
pay back your loan.
16
The Homebuying PROCESS
The Scoop: You may be able to cancel private mortgage insurance after a period of time, if you pay down
your balance to a certain amount or
if the equity in your home increases.
16. PITI: The cost of principal, interest, taxes and insurance, calculated
on a monthly basis.
The Scoop: Even if you plan to pay
your taxes and insurance yourself,
rather than let the lender collect
and make those payments, your
lender will calculate PITI and use
it to compare monthly income to
your monthly debt to see if the proposed payment is too high.
17. Points (Discount Points): One “point” equals one percent of the loan
amount. On a $150,000 loan, for example, each point costs the borrower
$1,500.
The Scoop: Discount points are used to reduce the interest rate; the more discount points you pay, the lower your interest rate. A borrower should compare the costs of points to the monthly savings on their mortgage payment
to see how much time it takes to recoup the upfront costs.
18. Servicer: Your loan may be “serviced” by a different company than the
one from which you obtained your loan. The servicer collects payments,
sends statements and manages disbursements, such as payments for insurance or taxes, for loans with escrow accounts.
The Scoop: You don’t get to choose your servicer, and some do a better job
than others. If you have a complaint about a servicer, you can share it with
the Consumer Financial Protection Bureau.
19. VA Loans: Qualifying veterans can use these loans to purchase, refinance or improve homes. They allow borrowers to finance up to 100 percent
of the VA-established reasonable value of the property. They carry a guarantee that helps protect the lender if the borrower defaults.
The Scoop: You’ll pay a non-refundable funding fee of 2.15% if you borrow
the maximum amount available and this is your first VA loan, or 3.3% if this
is your second VA loan and you are borrowing the maximum amount. For
veterans who haven’t saved a large down payment, this can still be an excellent option. Kelly adds that, “Veterans who have any military disability can
get the funding fee waived. If you are a veteran with a disability, be sure to
point this out to your lender to have this fee waived.”
17
Welcome
first-time
homebuyers
We know how difficult and confusing
it can be to finance your first home,
so we pay special attention to helping
First-Time homebuyers find the right
option for them.
Pantone 7476
W ellesley • b oston
wellesleybank.com
Pantone 7476
Deposits and loan products offered through Wellesley Bank, Member FDIC/Member SIF
and
Equal Housing Lender
18
The Homebuying PROCESS
So What Kind of Property
Should I Buy Anyway?
Deciding what type of property is the right choice when purchasing your
first home can be a tough one. It is important to factor your financial scenario, lifestyle, transportation needs and personal interests into your
decision.
No matter what type of property you buy, your home will need to be cared
for and this will involve both time and financial investment. There is no one
best type of property but there is the best type for you. Here are some
things to consider when making your choice on what type of property to
purchase for your first home. Remember, the first home is a starter home
for most people. Always be thinking about resale value or investment opportunity as you consider your first purchase.
Condominium
This is a great option for someone who does not like to spend so much of
their personal time taking care of a home. Here are some things to consider
if you are looking to buy a condo.
Larger condo developments typically hire a property management company that oversees the execution of the upkeep of the grounds, maintenance, budgeting and financial management. Remember this company is
hired by and overseen by the condo association trustees. The property management company works for the association and is paid by the association
so a portion of your condo fees will go towards this cost.
Smaller developments (2 – 4 units) are more likely to be self managed. All
of the owners are typically trustees and involved in the business of maintaining the property physically and financially. You may be the one responsible
for cutting the grass, clearing the snow or doing the budgets. In this scenario you may find that you do more work, but the result may leave you with
lower condo fees.
19
The Homebuying PROCESS
Is a high or low condo fee better? There is no one best answer to this question. Be sure to find out what is included in the fee, insist on seeing a budget,
find out how much is in reserves for upcoming repairs and maintenance, and
ask for details on past repairs and assessments as well as those planned for
the future. This will help you assess how well the association is managed.
Keep in mind that past and future repairs are not a bad thing. You want to
see that the current owners have been taking care of the property. It is up
to you to decide what feels comfortable to you. If there are low fees and
low reserves, it is a good idea to set up your own personal savings account
so that when special assessments do happen you already have the savings.
Last but not least, always ask what the owner occupancy rate of the development is. Lenders will want to see at least a 50% owner occupancy rate to
provide you with financing. Some lenders may be willing to offer you financing regardless of the owner occupancy rate in the form of a portfolio loan.
This type of loan is kept in-house as opposed to being sold on the secondary
market, but not all lenders offer them and they may not have the best terms.
Single Family
The single family home provides the most autonomy but along with autonomy comes the full responsibility for all aspects of caring for the home.
Owning a house can be a great experience and allow you to express yourself fully. You get to decorate, and garden and make all the decisions about
the property. If you are looking to buy a single family home, consider the
amount of time it will take to care for the home and keep in mind that you
are now responsible for the yard maintenance, ongoing home repair,
and general indoor upkeep. As a renter you often have the luxury of the
landlord being responsible for the snow removal but this will now be up to
you.
The benefits of more space and
your own yard can be great reasons to buy a single family home,
but don’t forget about some of the
potential cons. Keep in mind both
the time involved with taking care
of a single family home as well as
the cost. As you look at homes,
pay attention to how much upkeep has gone into the property
over time. The more the previous
owner invested the better off you
will be in the future. Remember
emergency and unexpected re-
20
The Homebuying PROCESS
pairs will happen with any property. As a single family owner you will want
to plan ahead financially so that you are ready for the known and unknown.
If you are planning to relocate to another area with more affordable single
family homes, remember to factor your increased transportation costs
into your budget. Make sure the numbers work for your budget and you
don’t end up spending too much of your time commuting.
Multi-Family
This can be a great start to growing your assets. By purchasing a multifamily home you will have the income from the rental units to supplement
your income for the mortgage and ongoing maintenance. With this added
advantage you also have the added responsibility of being a business owner, which includes carefully selecting tenants, caring for the property, making repairs, and sometimes evicting tenants. Buying a multi-family home
requires a high level of responsibility in order for it to be successful.
If you choose to purchase a multi-family home you will need to familiarize
yourself with landlord tenant laws and fair housing laws. As you run your
business you must know the laws that impact your decisions. This informs
you on how to select tenants, maintain the property and manage things like
the receipt of first month’s rent, last month’s rent and security deposits, as
well as the process of eviction should you have a challenging tenant. You
can find some great resources on the Massachusetts Trial Court Law Library
web site http://www.lawlib.state.ma.us/subject/about/landlord.html.
Make sure to consider the amount of time, due diligence, and personal attention it will take to be a successful landlord. Multi-family homeownership
will require you to assemble a great team of professionals including a
real estate agent, attorney, lender, and trades people such as an electrician,
plumber, roofer and so forth. As long as you have a good team working for
you and you are up for the responsibilities that come with being a landlord,
buying a multi-family home can be the right decision for you.
CONTACT
Katherine Meisenheimer
Real Estate Broker
Tel
617-767-4882
Fax
617-332-3737
[email protected]
384 Washington St, Brighton MA 02135
CRG
centre realty group
NEWTON
WATERTOWN
BRIGHTON
BROOKLINE
WEST ROXBURY
www.centrerealtygroup.com
21
Proud to partner with the
Allston Brighton Community
Development Corporation
www.beverlybank.com
Member FDIC Member SIF
We Have Money to Lend!
.
.
Residential Mortgages First Time Home Buyer Programs Home Equity Lines of Credit
Learn More
Member FDIC/Member DIF
www.mtwashingtonbank.com
22
Call 1-800-657-3272 to make an
appointment with a Loan Officer
181 Brighton Ave., Allston MA 02134.
Partners
In Com
munity Banking
The Homebuying PROCESS
My Mass Mortgage
Comparing Mortgages for First-time buyers
Massachusetts is a unique state when it comes to buying your first home. In
many states, an FHA loan may be a first-time buyer’s best or only option as
it requires only a 3.5% down payment and has flexible credit requirements.
In Massachusetts, however, there are two mortgage products new buyers
can access that may be a better financial commitment than FHA. Below are
descriptions of the ONE mortgage, MassHousing, and FHA, detailing the features of each loan and the eligibility requirements. More research can be
done on each product by going to www.mymassmortgage.org.
ONE Mortgage
Offered by Massachusetts Housing Partnership (MHP) and designed specifically for low- and moderate-income first-time homebuyers, the ONE Mortgage offers consumers the comfort of knowing their mortgage is financially
sustainable. Product Features • Discounted 30-year fixed interest rate. No points are charged to the homebuyer.
• Low Down Payment - A minimum of 3% of the purchase price for a single-family property, condominium or two-family property. If purchasing
a three-family property, the minimum down payment requirement is 5%
of the purchase price.
• No Private Mortgage Insurance (PMI)
• Interest Subsidy - Income eligible buyers may also qualify for subsidized
payment in the initial years of ownership.
• Long-term Affordability - This unique blend of discounted, fixed-rate private financing and state support lowers a homebuyers monthly mortgage
payment by about twenty percent.
• Asset Building - There is no limit on appreciation with the ONE Mortgage
Program.
Eligibility
To qualify for the ONE Mortgage, borrowers must:
• Meet income and asset limit guidelines
• Meet a minimum down payment requirement (3% for condo, single-family or two-family property)
• Be a first-time homebuyer
• Meet credit and underwriting requirements
• Property must be your primary residence through the term of the loan
• Complete a homebuyer education course For more information on the ONE Mortgage eligibility and MHP
please contact MHP toll-free at 800.752.7131 or visit www.mhp.net.
MassHousing Mortgage
More than 50,000 families have used a simple, straightforward MassHousing loan to buy their first home.
23
The Homebuying PROCESS
Product Features
With a loan from MassHousing, you’ll get:
• New Lender Paid MI program eliminates the borrower’s obligation to
pay mortgage insurance for this program
• Affordable interest rates, fixed for the life of the loan
• 30-year repayment terms
• Mortgage payment protection, which helps pay your loan in case you lose
your job
• No hidden fees or other surprises
• Low-down payment options
• Flexible underwriting and income limits mean more families qualify
• Loans serviced by MassHousing. If you have a question or concern, you’ll
know who to call
Eligibility
To qualify for a MassHousing Loan, borrowers must:
• Meet income and loan limit guidelines
• Purchase a 1- to 4-family property
• Have good credit
• Complete a homebuyer education course
• Property must be your primary residence through the term of the loan. MassHousing Mortgage with No MI
No MI means no mortgage insurance. You get the same safe, secure, lowdownpayment MassHousing loan without the monthly mortgage insurance premiums.
Product Features
• Affordable interest rates, fixed for the life of the loan
• 30-year repayment terms
• Minimum 3% downpayments for single-family homes and condominiums; 5% downpayments for 2-, 3- and 4-family homes
• No hidden fees or other surprises
Eligibility
To qualify for a MassHousing Mortgage with no MI, borrowers must:
• Meet income and loan limit guidelines
• Purchase a 1- to 4-family property
• Have good credit
• Complete a homebuyer education course
• Property must be your primary residence through the term of the loan
MassHousing Purchase and Rehab Loans
If you are a first-time homebuyer and looking to purchase a home in need
of major repair, MassHousing’s Purchase and Rehabilitation loan might be
just the program for you. Mortgages covering the purchase price of the
home plus necessary rehabilitation costs are available through MassHousing-approved Rehabilitation Lenders.
24
The Homebuying PROCESS
Product Features
• Available on one-to-four family properties.
• The Purchase and Rehabilitation option carries the same interest rate and
point structure as a MassHousing Mortgage.
• Maximum loan amount may not exceed 97% of the lesser of the sales price
plus rehabilitation cost or the estimated appraised value after rehabilitation.
• Minimum rehabilitation amount is $7,500 for all property types.
• Rehabilitation costs include the amount required to pay for the repairs, as
well as other allowable expenses:
• Inspection fees
• Title update fees
• Required contingency reserve equal to 10% of the total rehabilitation cost.
• The lender or Local Rehabilitation Agency (LRA) may charge a fee of up to
$1,500 based on the cost of the rehabilitation.
• Borrowers may utilize the services of a MassHousing accepted LRA.
• Licensed contractors must complete all rehabilitation work.
• At the time of the loan closing, the borrower will be responsible for the full
mortgage payment on the total principal amount.
Eligibility
To qualify for a MassHousing Purchase and Rehab Loan, borrowers must:
• Have a signed Purchase and Sales Agreement for a 1- to 4-family home • Be creditworthy; learn more about credit and your credit report at www.
TheHomebuyingMentors.org
• Have housing debt of less than 33% of your income and total monthly
debt of less than 41% of your income
• Property must be your primary residence through the term of the loan
For more information on MassHousing Mortgage eligibility and MassHousing please contact them at 888.843.6432 or visit www.MassHousing.com.
FHA
Product Features
• Minimum down payment requirement of 3.5%
• 30 year loan option with a low fixed interest rate
• Upfront PMI cost of 1.75% of the loan amount
• Monthly PMI premium payment. Example: Based on a $100,000 purchase
price with a minimum down payment, monthly PMI = $110.46
• PMI cannot be cancelled. As of March 2013 it will be a permanent part of
the monthly payment until the loan is either refinanced or the property is
sold
Eligibility
• Low credit score requirements. FHA sets minimum at 500, but each lender
can set their own credit requirements above that
• Purchase price limit of $470,350 for a single-family home in Suffolk, Middlesex, and Essex counties. Limit varies by county.
25
26
The Homebuying PROCESS
Affordable Mortgage
Comparison Chart
Estimated payments for a $250,000 mortgage
2014 Area Median Income: Suffolk County
Household Size
80%
100%
120%
1 Person
$52,700
$65,850
$79,050
2 Persons
$60,200
$75,300
$90,350
3 Persons
$67,750
$84,700
$101,650
4 Persons
$75,300
$91,400
$112,900
*Visit www.TheHomebuying Mentors.org for updated 2015 numbers
Household Income
Up to 80% AMI
ONE
MassHousing
No Subsidy Lender Paid MI
FHA
Household Income
80%-100% AMI
ONE
MassHousing
No Subsidy Lender Paid MI
FHA
Household
Income
100%-135% AMI
MassHousing
Lender Paid MI
FHA
$1,021.00
$1,304.12
$1,464.22
$1,157.79
$1,304.12
$1,464.22
$1,304.12
$1,464.22
Per
Month
Per
Month
Per
Month
Per
Month
Per
Month
Per
Month
Per
Month
Per
Month
ONE - Offers the lowest payments for 1st time homebuyers with incomes
less than 100% area median income (AMI).
MassHousing - Offers the lowest payments for those with incomes 100%135% AMI, 2nd time buyers, refinance and includes up to six months mortgage payment protection due to job loss.
FHA – While interest rates may be lower than MassHousing, the monthly
mortgage payment is generally higher because it included mortgage insurance costs for the life of the loan ($286 per month in this case), FHA insurance and an upfront premium added to the loan.
Figures as of September 5, 2014 http://www.mymassmortgage.org/affordablemortgage-comparison-chart
27
The Homebuying Mentors
The Homebuyer’s
Timeline
$$
Checklist
28
1
Budget and Save
2
Review, Build & Repair Credit
3
Receive Pre-Approval from Lender (valid for 90 days)
4
Conduct Your Home Search
5
Make an Offer
6
Offer Accepted (within 48 hours of offer)
7
Complete Home Inspection (within 7 days after offer accepted)
8
Shop for a Mortgage
9
Sign Purchase & Sale Agreement (10-14 days from accepted offer)
(within 7 days after offer accepted)
Complete Home Inspection
OK
(within 48 hours of offer)
Offer Accepted
Make an Offer
$$
Conduct
Your Home
Search
(valid for 90 days)
Receive Pre-Approval
from Lender
Review, Build &
Repair Credit
Budget and Save
$
The Homebuying Mentors
10
Submit Full Mortgage Application (1 day after P&S is signed)
11
Shop for Home Insurance (1 day after Mortgage App submitted)
12
Obtain Mortgage Commitment Letter
(within 30 Days from accepted offer)*varies by lender
13
Final Walk Through (Day before closing)
14
Closing (6 weeks from accepted offer)
(6 weeks from accepted offer)
CLOSING
(day before closing)
Final Walk Through
& sale agreement)
Obtain Mortgage
Commitment Letter
(date established in purchase
Shop for Home Insurance
(1 day after Mortgage App submitted)
Submit Full Mortgage
Application
(10-14 days from accepted offer)
Shop for a Mortgage
Sign Purchase & Sale Agreement The Homebuying Mentors is an independent, notfor-profit resource for Massachusetts residents to plan
responsibly for their future through homeownership
education and coaching.
www.TheHomebuyingMentors.org
29
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FIRST-TIME HOME BUYERS
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“You deserve peace of
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The Homebuying PROCESS
Buying an Affordable Home
Affordable homeownership can be a great option for individuals or families
who are looking to buy in an area where they cannot otherwise afford to
buy a home. However, affordable homes come with different types of deed
restrictions than a typical condo, which may make the opportunity less appealing to some households. Below we explore affordable homeownership
to help you decide if it is the right option for you.
What is Affordable Homeownership?
An affordable property is managed by a monitoring agency that sells the
property at a reduced price relative to the housing market it is in. The units
are made available to eligible applicants based on requirements established
by the affordable housing covenant, also known as the deed restrictions. All
affordable properties require buyers to be first-time homeowners and fall
within specified income and asset limits. The way in which an agency selects
potential buyers for the unit(s) happens through one of two methods:
First Come First Serve
This is typically the method an agency chooses when it has a single unit for
sale. The agency will put the property on sale, accept applications, and look
for a potential match starting with the first applicant. If the first applicant is
eligible, the agency will work with them to buy the unit. Once the buyer is
deemed eligible, it is their responsibility to apply for a loan to finance their
purchase. If at any point the buyer is deemed ineligible, fails to get financing,
or decides to back out of the deal, the monitoring agency moves on to the
next applicant on the list.
Lottery
The lottery system is typically used when an agency is selling multiple affordable units at the same time. This is usually the case with new construction. In this scenario, the agency accepts applications for a period of time.
After the application deadline, all of the eligible applicants are placed into a
lottery. The winners of the lottery are chosen based on preferences previously established by the agency. One example of a preference is residency. An
applicant who currently resides in the town where the affordable property
is located will be chosen over an applicant from another town, given that all
other factors are equal. Household size is another example. Agencies look
to fill their units with an appropriate household based on the number of
bedrooms and household members. For a two bedroom unit, a family with
two adults and a child would be chosen over an individual. Preferences can
vary from property to property, so make sure to familiarize yourself with the
preferences of each lottery.
31
The Homebuying PROCESS
Affordable properties can also be sold by the household currently living in
the unit. This is referred to as an affordable resale. The process will be similar
to the sale of a privately owned market-rate property, but the seller must
notify the monitoring agency that they intend to sell it and the agency establishes a maximum sale price.
Deed Restrictions
Affordable homes are meant to stay affordable beyond the original buyer, so
deed restrictions are put in place to ensure this. Every affordable property
will have a deed restriction outlining how you can build equity in the home,
but the way in which equity is built varies. Some properties may allow 5%
compounded equity per year of ownership. Others may only allow an increase based on inflation. Most affordable property deeds state that certain
improvements made to the unit will not affect the value of the home. So
putting in a brand new kitchen may be great for you when you live there,
but you may not see a return in your investment when it comes time to sell.
Affordable homes are meant to be the owner’s primary residence. Therefore,
there are typically restrictions against renting the unit out. It is important
to check each property’s deed restrictions, as they can vary, but with any
affordable property your ability to build equity and do what you want with
it is limited.
Affordable Property Listings
If you know where you would like to buy, it is always a good idea to check in
with that town’s housing development or planning office to inquire about
affordable homeownership opportunities.
If you are looking to buy in the City of Boston, you will want to visit the Boston Redevelopment Authority’s website: http://www.bostonredevelopmentauthority.org/.
A comprehensive list of affordable units for sale can be found on the Citizens’ Housing and Planning Association’s website: http://www.chapa.org/
looking-housing/affordable-homes.
Affordable homeownership can be a great opportunity for a household,
whether it is an individual or a family. Massachusetts is one of the most expensive states in the country for housing and cost of living, so the need for
affordable opportunities is apparent. If you are interested in buying an affordable property make sure you are working with an attorney throughout
the process and that you are aware of all of the deed restrictions. Having a
legal consult to read through the condo documents and deed restrictions
with you will ensure that you are responsibly buying a property that you will
be happy with.
32
Homeownership
Six Things to Know About
Homeowners Insurance
Written by Jason Patnode of F.I. Patnode Insurance
1. What It Covers
A typical policy will pay for damage to your property and your possessions
in the event of certain storms, fire, theft or vandalism. Like renter’s insurance,
it also provides liability coverage if someone gets hurt on your property and
decides to sue.
2. What It Doesn’t Cover
A standard policy has exclusions, including earth movements (landslides,
earthquakes, sinkholes), power failure, war, nuclear hazard, government action, faulty zoning, bad repair or workmanship, defective maintenance and
flooding. Windstorms are typically covered. Water damage is tricky. As a
rule of thumb, water from above (rainwater or a burst pipe in an upstairs
apartment) is usually covered, but water from below (backed-up sewers or
ground flooding) generally isn’t. If your region is prone to floods and earthquakes, you should consider supplemental coverage.
3. Why You Should Shop Around
Before committing to a policy, take the time to research an agent whom you
trust—preferably one with good reviews online or via a personal recommendation. Bottom line: Don’t just shop for a policy. Make sure you also
select the best agent.
Photo credits: freedigitalphotos.net
33
Homeownership
4. Why You Shouldn’t Wait to File a Claim
When buying a policy, make sure to ask about time limits to report a claim,
and then abide by them! If you wait too long, you may not be eligible for
benefits—especially if waiting has made the problem worse.
5. Why You Should Write Everything Down
Homeowners should document everything. If you experience a loss, you
must document everything that occurs during the loss, including whatever you did to mitigate the loss. It is the homeowners responsibility to do
everything they can to reduce their losses. In addition to saving receipts,
contracts and appraisals, document phone calls by writing down who you
spoke to and when. And be sure to stow everything in a secure place! If you
don’t want to invest in a safe, consider keeping digital copies online using a
program like Dropbox.
6. How to Save by Bundling
One way to save money is to bundle your homeowner’s insurance with other
policies that you already have. Look at combining your home and auto insurance if possible.
34
Homeownership
Top 9 Landlord Legal
Responsibilities in
Massachusetts
Source: http://www.nolo.com/legal-encyclopedia/top-9-landlord-legal-responsibilities-massachusetts.html | By: Marcia Stewart
Avoid legal trouble in Massachusetts by knowing and
complying with landlord-tenant laws.
Your success as a landlord in Massachusetts depends on knowing and complying with dozens of laws (primarily state) that affect your property management business. For example, if you violate state security deposit laws,
you face a potential tenant lawsuit in small claims court. Or you may end up
in court for failing to maintain your rental property or illegally discriminating
in your choice of tenants. The bottom line is that too many landlords end up
spending a great deal of time and money (attorney fees and court costs, or,
in some situations, extra damages for especially outrageous behavior)—that
could have been saved by following the law.
Here are some tips on avoiding some of the key legal problems facing landlords in Massachusetts.
1. Comply With Anti-Discrimination Laws
Before you advertise a vacant apartment, it is crucial that you understand
fair housing laws and what you can say and do when selecting tenants. This
includes how you advertise a rental, the questions you ask on a rental application or when interviewing potential tenants, and how you deal with
tenants who rent from you. Failure to know and follow the law may result in
costly discrimination complaints and lawsuits.
35
Homeownership
While Massachusetts landlords are legally free to reject applicants—based
on a bad credit history, negative references from previous landlords, past behavior, such as consistently paying rent late, or other factors that make them
a bad risk—this doesn’t mean that anything goes. You are not free to discriminate against prospective tenants based on their race, religion, national
origin, sex, familial status (such as having children under age 18) or physical
or mental disability. These are “protected categories” under the federal Fair
Housing Act of 1968, as amended (42 U.S. Code §§ 3601-3619 and 3631).
There are a few exemptions to federal antidiscrimination rules, including
owner-occupied buildings with four or fewer units, and single-family houses, as long as the owner owns no more than three rental houses at a time.
State law in Massachusetts also prohibits discrimination on the basis of a
person’s sexual orientation, gender identity, or source of income.
The HUD website provides extensive details on fair housing laws. Be sure to
also check with your state fair housing agency for additional laws prohibiting discrimination or limiting landlord exemptions.
2. Follow State Rent Rules
All landlords want their tenants to pay rent on time and without hassle. If
you need to raise the rent or evict a tenant who hasn’t paid rent, you’ll want
to be sure you comply with the specific rules and procedures in Massachusetts. State law regulates several rent-related issues, such as how much time
(14 days in Massachusetts, if the issue is not covered in the lease or rental
agreement) a tenant has to pay rent or move before a landlord can file for
eviction. For details, see Massachusetts Late Fees, Termination for Nonpayment of Rent, and Other Rent Rules.
3. Meet State Security Deposit Limits and Return
Rules
Security deposits are among the biggest sources of dispute between landlords and tenants. To avoid problems, be sure you know state law limits on
how much deposit you can charge (one month’s rent in Massachusetts),
when the deposit must be returned (30 days after the tenant has moved out
and returned the keys), and other restrictions on deposits. Using some sort
of landlord-tenant checklist when a tenant moves in a rental (required if the
landlord collects a security deposit in Massachusetts) and again at move out,
and sending a written security deposit itemization when the tenant leaves,
will go a long way in avoiding disputes.
4. Provide Habitable Housing
You are legally required to keep rental premises livable in Massachusetts,
under a legal doctrine called the “implied warranty of habitability.” If you
don’t take care of important repairs, such as a broken heater, tenants in Mas36
Homeownership
sachusetts may have several options, including the right to withhold rent or
to “repair and deduct.”
5. Prepare a Legal Written Lease or Rental
Agreement
The rental agreement or lease that you and your tenant signs sets out the
contractual basis of your relationship and is full of crucial business details,
including how long the tenant can occupy the unit and the amount of the
rent. Taken together with federal, state, and local landlord-tenant laws, your
lease or rental agreement sets out all the legal rules you and your tenant
must follow.
Problems arise when landlords include illegal clauses in the lease, such as a
waiver of landlord responsibility to keep premises habitable, or when landlords fail to make legally required disclosures (discussed in the next section).
And even if it’s not required that you cover a particular issue in your lease,
such as when and how you can enter rental property, you can avoid all kinds
of disputes by using an effective and legal lease and rental agreement that
clearly informs tenants of their responsibilities and rights.
6. Make Legally Required Disclosures
Under Massachusetts law, landlords must make certain disclosures to tenants (usually in the lease or rental agreement), such as the name of the landlord’s property insurance company (upon the tenant’s request). Landlords
must also comply with required federal disclosures regarding lead-based
paint on the property, or face hefty financial penalties.
7. Don’t Retaliate Against a Tenant Who Exercises
a Legal Right
It is illegal to retaliate in Massachusetts —for example, by evicting a tenant
for complaining to a government agency about an unsafe living environment. To avoid problems, or counter false retaliation claims, establish a good
paper trail to document how you handle repairs and other important facts
of your relationship with your tenant.
8. Follow Exact Procedures for Terminating a
Tenancy or Evicting a Tenant
State laws specify when and how a landlord may terminate a tenancy. Failure
to follow the legal rules may result in delays (sometimes extensive) in terminating a tenancy. Massachusetts laws are very specific as to the amount
and type of termination notice--for example, a landlord must give a tenant
who has not paid rent 14 days’ notice before the landlord can file for eviction. See State Laws on Unconditional Quit Terminations and State Laws on
Termination for Violation of Lease for more information on these types of
termination notices in Massachusetts.
37
Homeownership
9. Take Advantage of Legal Resources Available
to Landlords
Be sure to check out government agencies, such as the U.S. Department
of Housing and Urban Development (HUD) and state fair housing agencies which provide useful legal information and publications on their websites. You’ll also find helpful guides to tenant rights and landlord-tenant
law on the website of your state attorney general’s office or consumer protection agency.
Finally, if you have legal questions about your rental unit, you should consult
with an experienced landlord-tenant attorney in Massachusetts.
Additional Resources:
The City of Boston provides the Good Neighbors Handbook for important
Landlord-Tenant information and protections at: dnd.cityofboston.gov.
The state of Massachusetts provides Landlord-Tenant information at: www.mass.gov/courts/selfhelp/housing.
Helping home buyers like you is all we do
Find out why hiring the right Buyer Agent is the most important step when buying your new home
buyer agents of boston
Serving Boston, Cambridge and Quincy
(617) 997-5570
[email protected]
38
806 Tremont Street, Suite 2
Boston, MA 02118
www.BuyerAgentsOfBoston.com
Homeownership
Homeowner’s Checklist for
Avoiding Foreclosure
Source: https://www.communitylegalaid.org/library/housing/567-Homeowners-Checklist-for-Avoiding-Foreclosure | Prepared by Community Legal Aid
Services, Inc.
When owning a home, you always have to be prepared for the worst-case
scenario. As we have seen in recent history, foreclosure can be a very real
possibility for homeowners of all backgrounds. In order to lower the possibility of a foreclosure, make sure you start preparing for the possibility as
soon as you move in.
Before Trouble Starts:
•
•
•
•
•
•
•
•
•
•
•
•
Start a file, in a safe place, for records relating to your home
Purchase and sale agreement
Mortgage application
Closing documents
Property tax bills
Property insurance information
Letters you receive from and copies of letters you mail to the bank
Use checks or money orders to pay bills
Do not send cash
Do not use credit cards
Keep a record of all payments (date paid and check number)
Correct errors quickly
Pay high priority bills first:
• Food
• Mortgage
• Utilities (heat, hot water, electricity, gas)
• Do not pay credit cards or other unsecured debts before your mortgage
When Things Start To Feel Tight:
Where is the money going?
• Create a budget that shows your current income and expenses
• Review every item on your budget
• Prepare a realistic budget that you can live with until your circumstances improve
Increase your income
• Collect federal and state benefits if you are eligible (check with a Benefits Bank)
39
Homeownership
•
•
•
Claim the earned income tax credit (EITC) if you are eligible
Stop all voluntary deductions being taken out of your paycheck
Consider selling unnecessary property to raise money
Reduce your expenses
• Review every expense for potential savings—reduce or eliminate unnecessary expenses
• Pay only for the type of phone service you need
• Cancel cable television service temporarily
• Identify ways to conserve on energy and other utilities
• Participate in a home weatherization program
• Review your homeowner’s and auto insurance policies and shop
around.
• Claim the owner-occupant property tax exemption and others for
which you are eligible
Other Considerations
• Contact your mortgage servicer at the first sign of trouble
• Ask your utility company for budget billing so you can pay the same
amount each month If you are behind on your utility bills, start an affordable repayment plan
After Falling Behind:
Identify the problem
• What caused your current situation (job loss, illness, divorce, decreased
income)
• How long do you expect your difficulty to last
• What specific type of help do you need
• How much can you afford to pay toward your mortgage
Communicate
• Speak with your lender’s delinquent loan or loss mitigation specialist
• Explain your situation
• Ask for a mortgage workout package
• Keep a phone log that shows the date and time of your call, who you
spoke to, the person’s phone number, and what was said
• Follow up your phone call with a letter and keep a copy for yourself
• Send all letters by certified mail and keep the receipt
Pay what you can and save the rest
• Send to the lender as much of the mortgage payment as possible
• If the lender returns your payment, save the money in a separate account and do not spend it on other bills
• Continue to make monthly payments into the separate account if the
lender refuses to accept your payments
40
Homeownership
Know Your Options:
There are many ways the lender can
help you if you fall behind on your
mortgage. Which one you choose/
need and what the lender allows will
depend on your individual situation.
Reinstatement: You give the lender
all of the back payments you owe and
start making your regular monthly payment. With a partial reinstatement you
pay at least one-half of the back payments first and agree to a repayment
plan for the rest of what you owe.
Photo credits: freedigitalphotos.net
Repayment Plan: You make the regular mortgage payment plus an additional amount toward the back-payments until you are caught up (usually
no longer than 12 months). If the lender sets up a repayment plan for you,
make sure it is reasonable. Do not agree to a plan that will not work for you.
Forbearance: The lender agrees that for a limited period of time it will accept a lower monthly payment or no monthly payment. At the end of the
forbearance agreement you must bring the account current.
Modification: The lender agrees to change one or more terms of the mortgage. Possible changes include: reducing the interest rate; extending the
term of the mortgage; and adding the arrears to the unpaid principal balance of your loan.
Short Sale: The lender may let you sell the home even if you owe more than
the property is worth and agree to accept the lesser amount as payment in
full. You must have a buyer and a signed purchase and sale agreement. Anyone else who has a lien on the property and the private mortgage insurer, if
there is one, must also agree to the short sale.
Refinance: You take out a new mortgage to pay off the old mortgage. Sometimes it makes sense to refinance. You should contact a legitimate lender
and proceed carefully. Beware of large fees and high interest rates.
Deed in Lieu: You cannot afford to keep the home and you give the house
back to the lender. Do not ask for a deed in lieu when you have equity in the
property or when a short sale is possible. The lender will not accept a deed in
lieu if there are other mortgages or liens on the property.
Other Things to Know:
•
Talk to a lawyer or HUD certified housing counselor experienced in default and delinquency counseling.
41
Homeownership
•
•
Foreclosures move very quickly.
Foreclosures are public: Avoid Rescue Scams!
Where to go for help:
•
•
•
Your local non-profit housing organization
Your mortgage company
The U.S. Department of Housing and Urban Development (HUD) at
www.hud.gov. Or call HUD at 1-800-569- 4287
This article is meant to give you general information and not to give you
specific legal advice.
LESLIE C. SAMMON
ADAMS & SAMMON
COUNSELLORS AT LAW
_________________________________
295 Devonshire Street, 2nd Floor
Boston, MA 02110
(617) 451-7241
Home purchases and sales
Landlord-Tenant Disputes
Condominium Law
CONGRATULATIONS FIRST-TIME HOMEBUYERS!
42
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including these special programs for homebuyers
meeting our Community Lending criteria:
HomeRun Mortgage Program1
No mortgage insurance requirement
Down payment as low as 3%
Citibank Closing Cost Assistance2
Assistance up to $3,000 for eligible borrowers
For more information contact:
Stephen R. Tomaselli
VP/Area Lending Manager
Citibank, N.A.
Direct 617-909-5467
[email protected]
NMLS#358920
Terms, conditions, and fees for accounts, products, programs, and services are subject to change and may be unique to Citibank. This is not a
commitment to lend. All loans are subject to credit and property approval. Certain restrictions may apply on all programs. Some offers cannot be
combined with any other mortgage offers.
1 HomeRun is available only in Citibank assessment areas for loans on the primary residence of borrowers who qualify and is subject to geographic,
income, property, product and other restrictions. To be eligible for up to 97% financing, the property must be a single family home with a loan
amount up to $417,000. Single family homes in certain high cost markets with loan amounts between $417,001 and $625,000, condominiums and
co-ops are eligible for up to 95% financing.
2 Citibank’s Closing Cost Assistance program provides a limited credit towards non-recurring closing costs. The program is available only in Citibank
assessment areas and is subject to geographic, income, property, and product restrictions. The program may not be used in conjunction with any
other Citibank closing cost promotion or credit.
© 2014 Citibank, N. A. Equal Housing Lender, Member FDIC. NMLS# 412915. Citi, Citibank, Arc Design, Citi with Arc Design are registered service
marks of Citigroup Inc.
43
DOLAN CONNLY, P.C.
Attorneys At Law
50 Redfield Street, Suite 202
Dorchester, Massachusetts 02122
Phone (617) 265-3100 Fax (617) 265-3101
www.dolanconnlylaw.com
Representing Buyers, Sellers and Lenders in all aspects of residential and
commercial closings. Proudly serving the communities of Dorchester
and surrounding areas since 2000.
Big Firm Results SMALL FIRM ATTITUDE.
For a free consultation contact us at (617) 265-3100.
44
The Homebuying Mentors
www.thehomebuyingmentors.org
@HomebuyMentors
Facebook.com/
TheHomebuyingMentors
Habla: Español
Speaks: Multiple Foreign Languages
Attorneys
Adams & Sammon
Leslie C. Sammon
295 Devonshire Street, 2nd floor
Boston, MA 02110
617-451-7241 Office
617-422-1428 Fax
[email protected]
Dolan Connly, P.C.
Kathleen Allen
50 Redfield Street, Suite 202
Dorchester, MA 02122
617-265-3100 Office
[email protected]
www.dolanconnlylaw.com
Ligris + Associates, P.C.
Nikolaos M. Ligris
1188 Centre Street, 2nd Floor
Newton, MA 02459
617-274-1500 Office
617-274-1515 Fax
[email protected]
www.ligris.com
Sonnenschein Law LLC
DeBorah Sonnenschein
180 Massachusetts Avenue, Ste 303
Arlington, MA 02474
781-641-0898 Office
781-641-0849 Fax
[email protected]
www.sonnenscheinlaw.com
Transactional Law Clinics of
Harvard Law School
Brian Price, Director
6 Everett Street
Cambridge, MA 02138
617-998-0101 Office
617-998-0146 Fax
[email protected]
HarvardTLC.org
Business and Non-Profit Clinic, Real
Estate Clinic, Entertainment Law Clinic
Building Materials
Boston Building Resources
Deb Beatty Mel
100 Terrace Street
Roxbury, MA 02120
617-442-2262 Office
617-427-2491 Fax
[email protected]
BostonBuildingResources.com
Facebook.com/
BostonBuildingResources
Twitter: @BostonBldgRes
Kitchen cabinetry and design, windows,
doors, energy-saving products, handson workshops, and a nonprofit reuse
center to provide sustainable solutions
for home improvement
Foreclosure Prevention
Directory of Resources
2015 Directory
of Resources
Boston Home Center
26 Court Street
Boston, MA 02108
617-635-HOME (4663) Office
www.bostonhomecenter.com
Provides foreclosure prevention
services, homeownership education,
information to first-time homebuyers
and homeowners, as well as financial
assistance to income-eligible residents
for home purchase and repair, including
lead paint abatement.
Provides multi-lingual language
services.
ESAC Sustainable
Homeownership Center
214 Harvard Street, Lower Level
Dorchester, MA 02124
617-524-2555 Office
617-524-2430 Fax
http://www.meantide.com/clients/
esacboston/
Provides foreclosure prevention
services, housing counseling and
advocacy, and lead paint education and
assistance. Manages the Senior Home
Repair Program.
45
Homeowner Options for
Massachusetts Elders (HOME)
87 Hale Street, Second Floor
Lowell, MA 01851
800-583-5337 Toll Free
978-970-0012 Office
978-970-0015 Fax
www.homeowneroptionsfor
massachusettselders.org
Assists low or moderate-income
homeowners 60 years of age or older
to make informed decisions that allow
them to stay in their homes.
National Consumer Law Center
7 Winthrop Square
Boston, MA 02110
617-542-8010 Office
617-542-8028 Fax
www.nclc.org
The National Consumer Law Center is
America’s consumer law expert, helping
consumers, their advocates, and public
policy makers use powerful consumer
laws, build financial security, and assure
marketplace justice for vulnerable
individuals and families.
Neighborhood of Affordable
Housing (NOAH)
143 Border Street
East Boston, MA 02128
617-567-5882 Office
www.noahcdc.org
NOAH counselors work with clients
one-on-one to develop an action plan
based on individual needs, create
budgets, contact lenders, negotiate
mortgage terms, and more. They also
conduct weekly foreclosure prevention
clinics every Monday at 5:30 PM in both
English and Spanish.
Urban Edge
1542 Columbus Ave, Suite 2
Roxbury, MA 02119
617-989-9300 Office
617-427-8931 Fax
www.urbanedge.org
Providing individualized, one-on-one
counseling, Urban Edge staff members
analyze the household’s budget and
reviews options to prevent foreclosure.
Since 2006, Urban Edge has counseled
more than 1,300 at-risk homeowners to
prevent foreclosure.
46
Home Inspection
Boston Home Inspectors
James Brock
1326 Columbia Rd
South Boston, MA 02127
617-464-1047 Office
[email protected]
[email protected]
www.bostonhomeinspectors.com
J. May Home Inspections
Michael Atwell
105 Waban Street
Newton, MA 02458
617-630-5629 Office
[email protected]
http://www.jmhi.com/
Jackson Home Inspection
Raymond Jackson
92 Concord St, Unit #4
N. Reading, MA 01864
978-475-0444 Office
978-475-6140 Fax
[email protected]
www.jacksonhomeinspection.com
O’s Home Inspection
Otis Ellerbee
7 Edson Street
Dorchester, MA 02124
617-288-2149 Office
[email protected]
www.oshomeinspection.com
Tiger Home Inspection
Sean Rizzo
969 Washington Street
Braintree, MA 02184
800-628-4437 Office
781-356-4487 Fax
[email protected]
www.tigerhomeinspection.com
Insurance
Appleby & Wyman Insurance
Agency Inc.
Ashley Brown
152 Conant Street
Beverly, MA 01915
978-236-3625 Office
[email protected]
John J. Ryan Insurance Agency
John J. Ryan, Jr.
376 Washington Street
Brighton, MA 02135
617-254-0600 Office
617-254-0404 Fax
[email protected]
www.johnjryaninsuranceagency.com
Vargas & Vargas Insurance
Carlos Vargas
Boston Office
1133 Washington Street
Dorchester, MA 02124
Stoughton Office
4 Cabot Place Unit 7
Stoughton MA 02072
617-298-0655
617-298-8355
[email protected]
vargasinsurance.com
www.BostonInsuranceBlog.com
www.Thelearningtoolbox.net Lead Paint Inspection
ASAP Environmental, Inc
John MacIsaac
1 Arcadia Street
Dorchester, MA 02122
617-288-8870 Office
617-282-7783 Fax
[email protected]
www.asapenvironmental.com
Mortgage Lending
Beverly Bank
Kathy Gilfeather
Residential Loan Officer, Beverly Bank
254 Cabot Street
Beverly, MA 01915
978-922-0857 x 120
978-922-0316 Fax
[email protected]
www.beverlybank.com
Charlie Galligan
Residential Loan Officer, Beverly Bank
73 Lafayette Street
Salem, MA 01915
978-922-0857 x 170
978-922-0316 Fax
[email protected]
www.beverlybank.com
Boston Private Bank & Trust
Company
Diana Carvajal-Hirsch
Vice President
Residential Loan Officer, First-Time
Homebuyer Specialist
401C Centre St
Jamaica Plain, MA 02130
617-912-3991 Office
617-830-9829 Fax
NMLS ID: 704461
dcarvajal-hirsch@bostonprivatebank.
com
Directory of Resources
F.I. Patnode Insurance
Jason Patnode
396 Washington Street
Brighton, MA. 02135
617-787-1400 Office
617-783-5551 fax
[email protected]
www.patnode.com
facebook.com/FIPatnodeInsurance
Twitter: @FIPatnode
Brookline Bank
Tom McBreen
131 Clarendon Street
Boston, MA 02116
617-730-3521 Office
www.brooklinebank.com
Cambridge Savings Bank
Joseph S. Boynton
Vice President, Residential Lending
1374 Massachusetts Avenue
Cambridge, MA 02138
617-520-5325 Office
508-423-9659 Cell
NMLS# 697301
[email protected]
www.cambridgesavings.com
www.facebook.com/cambridgesavings Twitter: @CambridgeBank
Cambridge Trust Company
Sal Sagarese
10 Fawcett Street, 5th Floor
Cambridge, MA 02138
617-441-1406 Office
www.CambridgeTrust.com
47
Citibank
Stephen R. Tomaselli
VP/Area Lending Manager
Citibank, N.A.
Distributed Retail Sales
84 Central Street
Wellesley, MA 02184
Direct 617-909-5467
e-Fax 877-341-6120
NMLS#358920
Eastern Bank
Steven Dion
Loan Officer
617-295-0667 Office
617-515-0197 Cell
781-477-1371 Fax
NMLS# 31919
[email protected]
Lourdes Connolly
Assistant Vice President
617-439-4967 Phone
781-586-8225 Fax
NMLS# 466351
[email protected]
Leader Mortgage
Ivy Pretto
180 Massachusetts Avenue
Arlington, MA 02474
781-648-7900 x 113 Office
781-648-8444 Fax
Massachusetts & NMLS MLO # 196654
[email protected]
www.leaderloancenter.com/ivypretto.
loan
Metro Credit Union
Mortgage Specialists
800-628-5626 Office
www.metrocu.org
Mt. Washington Bank
Andrew R. Sobers A.C.I.S., M.B.A. M.S.F.
Assistant Vice President, Sales Manager
Mt. Washington Bank Mortgage
Division
A Division of East Boston Savings Bank
455 West Broadway
South Boston, MA 02127
857-524-1084
Cell 617-792-8753
NMLS# 476731
[email protected]
48
Peoples Federal Savings Bank
435 Market Street
Brighton, MA 02135
617-254-0707 Office
617-254-0087 Fax
John Arvanitis, 617-254-0707 x 2546
[email protected]
Patricia Grady, 617-254-0707 x 5242
[email protected]
James Gavin, 617-254-0707 x 5205
[email protected]
www.pfsb.com
Rockland Trust
John Allard
617-448-8324 Office
Bernadette Conneely
781-985-3674 Office
Santander
Deb Frank
Retail Mortgage Sales Manager
617-298-3100 Office
781-727-5299 Cell
NMLS ID: 92247
[email protected]
mortgage.santanderbank.com/
deb_frank
Wellesley Bank
Brian Lynch
SVP Mortgage Lending
31 Washington Street
Wellesley, MA 02481
781-489-7614 Office
[email protected]
www.wellesleybank.com
Real Estate Sales
Buyer Agents of Boston, LLC
Gary Dwyer, CRS, GRI, ABR
806 Tremont Street, Suite 2
Boston, MA 02118
617-997-5570 Office
617-507-8104 Fax
[email protected]
www.buyeragentsofboston.com
Centre Realty Group
Katherine Meisenheimer
384 Washington Street
Brighton, MA 02135
617-787-4700 Office
617-332-3737 Fax
617-767-4882 Cell
[email protected]
Coldwell Banker – Pena
Realty
Maria Peña
715 Broadway
Everett, MA 02149
617-389-1777 Office
617-389-7160 Fax
617-201-0030 Cell
[email protected]
Coldwell Banker Residential
Brokerage
Rich Hornblower
137 Newbury St
Boston, MA 02116
617-694-0091 Cell
[email protected]
www.trulia.com/profile/richhornblower
www.RichHornblower.com
www.facebook.com/
hornblowerrealestate
CUE Realty
Linda Champion
1542 Columbus Avenue
Boston, MA 02119
617-877-0363 Office
[email protected]
http://www.cuerealty.org
Keller Williams Realty
Chris Kostopoulos
1151 Walnut Street
Newton, MA 02461
617-751-4111 Office
617-607-9103 Fax
[email protected]
Check out the newest listings at:
www.EasyBostonHomeSearch.com
Prime Realty Group
Norman O’Grady
480 Washington Street
Brighton, MA 02135
617-254-2525 Office
617-254-9525 Fax
[email protected]
www.normanogrady.com
www.primerealtygroup.org
Real Estate Executives Esteemed Properties
Marie Anthony
701 Washington Street
Newton, MA 02458
617-922-1592 Office
marieanthony@realtyexecutives
State Mortgage Programs
Massachusetts Housing
Partnership
Homeownership Department
160 Federal Street, 2nd Floor
Boston, MA 02110
617-330-9955 Office
800-752-7131 Toll-free
http://www.mhp.net/onemortgage
Designed for first-time homebuyers,
the ONE Mortgage Program offers
homebuyers the comfort of knowing
their mortgage is financially sustainable,
with features such as an affordable,
fixed interest rate, a low down payment,
no PMI, and a low monthly payment.
Directory of Resources
www.centrerealtygroup.com
www.facebook.com/
bostonhomehunter
MassHousing
One Beacon Street
Boston, MA 02108-3110
1-888-843-6432 Office
[email protected]
www.masshousing.com
Facebook.com/masshousing
Twitter: @MassHousing
MassHousing provides affordable home
mortgages and home improvement
loans for low- and moderate income
homebuyers. Features include 30-year
terms, fixed interest rates and job loss
protection insurance that helps pay
your loan if you lose your job.
Student Loan Law
Law Office of Adam S. Minsky
Adam S. Minsky, Esq.
15 Court Square, Suite 200
Boston, MA 02108
617-942-1524 Office
[email protected]
www.minsky-law.com
www.BostonStudentLoanLawyer.com
49
Energy Efficiency
Energy Federation Inc.
1 Willow Street, Suite 2
Southborough, MA 01772
800-379-4121 Office
www.efi.org/store
Energy Federation Inc. is an online
store featuring over 1,000 energy
efficiency related products for the
home. EFI often automatically includes
rebates into the price, making it easy
to save on energy.
Mass Energy Consumers
Alliance
Larry Chretien
284 Amory Street
Boston, MA 02130
800-287-3950 Toll Free
617-524-3950 Office
617-524-0776 Fax
[email protected]
www.massenergy.com
Provides reduced-price fuel to
members and information about
energy efficiency.
Mass Save
1-866-527-7283
www.masssave.com
Mass Save’s free home energy
assessment is a must for every
homeowner. They provide residents in
Massachusetts with free home energy
assessments and low-cost energy
efficiency improvements. Services
help save energy and lower utility bills
with many homeowners reporting
costs being cut in half. Homeowners
and renters are eligible for Mass Save
services.
Renew Boston
617-635-7283
[email protected]
www.renewboston.org
www.facebook.com/renewboston
Renew Boston is a network of
energy efficiency providers helping
to assist qualified Boston tenants,
homeowners, and landlords in
making energy improvements to
their homes and properties. The City
and its partner MassSave provide
50
eligible Bostonians with no-cost home
energy assessments and incentives for
energy efficiency upgrades including
insulation, air sealing, water saving
devices, and high-efficiency light
bulbs.
Vida Verde Co-op
697 Cambridge Street, Suite 106
Brighton, MA 02135
617-202-5775 Office
617-779-9586 Fax
[email protected]
www.verdeamarelo.org
Vida Verde is a Brazilian worker
owned cleaning co-op that supports
housecleaners in their profession while
creating community and promoting
healthy and environmentally friendly
methods. Members use cleaning
alternatives that do not harm the
environment and protect both
workers’ and clients’ health.
Non-Profit & Other Resources
Action for Boston Community
Development (ABCD)
178 Tremont Street
Boston, MA 02111
617-348-6000 Office
617-423-9215 TTY
www.bostonabcd.org
Coordinates youth, elderly, career
development and other programs.
Assists low-income families in
obtaining funds to purchase home
heating oil.
Allston Brighton
Community Development
Corporation
20 Linden Street, Suite 288
Allston, MA 02134
617-787-3874 Office
617-787-0425 Fax
[email protected]
www.allstonbrightoncdc.org
American Consumer Credit
Counseling
130 Rumford Avenue, Suite 202
Auburndale, MA 02466
800-769-3571 Toll Free
617-559-5700 Local
Citizens Housing and Planning
Association (CHAPA)
18 Tremont Street, Suite 401
Boston, MA 02108
617-742-0820 Office
617-742-3953 Fax
www.chapa.org
CHAPA’s mission is to encourage the
production and preservation of housing
that is affordable to low-income families
and individuals through research and
advocacy campaigns.
Compass Working Capital
89 South Street, Suite 203
Boston, MA 02111
617-790-0810 Office
617-390-7552 Fax
100 Munro Street
Lynn, MA 01902
781-584-4355 Office
617-390-7552 Fax
[email protected]
www.compassworkingcapital.org
Compass is a nonprofit organization
that helps working, low-income families
save toward a first-time home, a college
education, or a small business through
incentive-based savings and financial
coaching programs. Fair Housing Center of
Greater Boston
262 Washington Street, 10th Floor
Boston, MA 02108
617-399-0491 Office
617-399-0492 Fax
[email protected]
www.bostonfairhousing.org
A non-profit organization focused on
ending illegal housing discrimination in
the Greater Boston area.
Greater Boston Legal
Services
197 Friend Street
Boston, MA 02114
800-323-3205 Toll Free
617-371-1234 Office
617-371-1228 TDD
www.gbls.org
Provides legal assistance to low-income
people. Issues covered include housing,
immigration, employment related
concerns, public benefits, domestic
violence, and legal issues of importance
to elders. Calls taken M, Tu, Th, & F from
9am to 3pm.
Harvard Public Affairs &
Communications
1350 Massachusetts Ave
Cambridge, MA 02138
617-495-4955 Office
[email protected]
www.community.harvard.edu
Joseph M. Smith Community
Health Center
287 Western Ave
Allston, MA 02134
617-783-0500 Office
www.jmschc.org
The Health Center’s physicians and
Nurse Practitioners provide high quality,
culturally competent, affordable care
to people of all ages, from newborns to
seniors.
Directory of Resources
617-244-1116 Fax
www.consumercredit.com
Offers confidential credit counseling
and financial management education
to consumers nationwide. ACCC is
dedicated to helping people regain
control of their finances and plan for a
debt-free future.
Lynn Housing Authority &
Neighborhood Development
Neighborhood Services Office
10 Church Street
Lynn, MA 01902
781-581-8600 Office
www.lhand.org
Offers education and grant & loan
programs to first-time homebuyers.
MassAccess: The Accessible
Housing Registry
www.massaccesshousingregistry.org/
The MassAccess Housing Registry helps
people find affordable housing in
Massachusetts. A key feature of the
Registry is to highlight homes for
people with disabilities who need
accessible or barrier-free housing.
51
Massachusetts Affordable
Housing Alliance (MAHA)
1803 Dorchester Avenue
Dorchester, MA 02124 617-822-9100 Office
617-265-7503 Fax
[email protected]
www.mahahome.org
Conducts workshops for first-time
homebuyers and homeowners.
Coordinates statewide campaigns for
increased investment in affordable
rental and homeownership housing,
including MHP’s ONE loan program.
Specialized Housing, Inc.
45 Bartlett Crescent
Brookline, MA 02446
617-277-1805 Office
617-277-0106 Fax
[email protected]
www.specializedhousing.org
This is the first housing program in
the US to enable adults with special
needs to own their own homes
while receiving professional support.
Specialized Housing, Inc. works
with families seeking supportive
independent living situations for
Massachusetts Bar Lawyer
Referral Service
20 West Street
Boston, MA 02111
617-654-0400 Office
www.masslawhelp.com
Provides referrals to find real estate and
other attorneys. adults with developmental disabilities,
learning disabilities, traumatic brain
injuries, physical disabilities, or
psychiatric illness.
North Shore Community
Action Programs, Inc.
119 Rear Foster Street, Building 13
Peabody, MA 01960
978-531-0767 Office
978-531-1012 Fax
www.nscap.org
NSCAP provides a range of programs
and services in five key areas: Education
and Training, Economic Stabilization,
Housing and Homelessness Prevention,
Energy Services, and Home Care.
North Shore Community
Development Coalition
102 Lafayette Street
Salem, MA 01970
978-745-8071 Office
978-745-4345 Fax
www.northshorecdc.org
North Shore CDC invests in
neighborhoods to create
thriving communities. Our quality
programming, from first-time home
buying (in partnership with The
Homebuying Mentors) to community
English classes, offers residents in
the region opportunities to achieve
economic mobility and a self-sufficient
life.
52
Transactional Law Clinics of
Harvard Law School
Brian Price, Director
6 Everett Street
Cambridge, MA 02138
617-998-0101 Office
617-998-0146 Fax
[email protected]
HarvardTLC.org
Business and Non-Profit Clinic, Real
Estate Clinic, Entertainment Law Clinic
City of Boston Resources
Boston Fair Housing
Commission
1 City Hall Square, Room 966
Boston, MA 02201
617-635-2500 Office
617-635-3290 Fax
www.cityofboston.gov/civilrights/fhc
Enforces city, state, and federal housing
laws.
Boston Home Center
26 Court Street
Boston, MA 02108
617-635-HOME (4663) Office
[email protected]
www.bostonhomecenter.com
Provides foreclosure prevention
services, homeownership education,
information to first-time homebuyers
and homeowners, as well as financial
Boston Redevelopment
Authority
1 City Hall Square
Boston, MA 02201
617-722-4300 Office
617-248-1937 Fax
www.bostonredevelopmentauthority.org
Oversees affordable rental and
homeownership lotteries.
Inspectional Services
1010 Massachusetts Avenue
Boston, MA 02118
617-635-5300 Office
www.cityofboston.gov/isd
Provides information regarding building
permits, legal occupancy, and zoning.
Conducts free home inspections at
tenant’s request.
Lead Safe Boston
The Boston Home Center
617-635-4663 Office
[email protected]
dnd.cityofboston.gov
This program offers eligible
homeowners, landlords, or tenants
financial assistance help with leadbased paint abatement.
Rental Housing Resource
Center
26 Court Street, First Floor
Boston, MA 02108
617-635-3880 Office
617-635-0383 Fax
neighborhooddevelopment.dnd@
cityofboston.gov
www.cityofboston.gov/rentalhousing
Provides advice, information and
assistance to Boston landlords and
tenants.
Directory of Resources
assistance to income-eligible residents
for home purchase and repair, including
lead paint abatement.
Provides multi-lingual language
services.
53
Looking to buy a home?
Let CUE Realty map your
path to homeownership!
Linda Champion
Vice President & Managing Broker
1542 Columbus Ave, Boston, MA 02119
C: 617.877.0363 | @attychamp
www.cuerealty.org
Hablo espanol | nou pale Kreyol Ayisyen | nous parlons Francais
54
55
PeoplesABCDCad_Layout 1 10/28/11 12:14 PM Page 1
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