I'm a first-time homebuyer in Mass looking to buy later this year. Once I get my mid credit score up to 680, I'll qualify for MassHousing. However, I read this week about a new program (for low and moderate income people) that is replacing SoftSecond - it's called ONE Mortgage and it's through the Mass Housing Partnership. It hasn't launched yet, but I think it will this year. I tried contacting MHP for info - still haven't heard back. Does anyone have any info about the new program?
I don't qualify for SoftSecond because the child support I receive puts me over the income limit. It's crazy because I'm required to list the child support as income, but they won't use it to qualify me because they say it won't continue for 3 years (In reality, I'll keep receiving it while my daughter is in college).
But I'm curious about the guidelines for the ONE Mortgage program and wondering if that might be an option. Even though I qualify for FHA, I'd prefer not to go that route because the MassHousing option would be cheaper in the short and long term.
Thank you!
My info:
Annual salary: 74,000
Other income: $9,800 in child support annually, but because my child is 15, the LO said they can't include it to qualify me.
Downpayment: 12,000
FICO Scores: Exp (pulled yesterday on this site): 646; Eq: 660; TU: 680
