New Bedford Guide Your Guide to New Bedford and South Coast, MA
New Bedford Mayor Jon Mitchell announced today that the City of New Bedford Office of Housing and Community Development, MassHousing and six local lenders are collaborating to promote homeownership opportunities in New Bedford with a mortgage product, “Buy New Bedford” for those that are purchasing or refinancing a property in New Bedford.
The “Buy New Bedford” mortgage product is the result of a collaborative effort between the City, MassHousing and six local lenders- BankFive, Bay Coast Bank, Bristol County Savings Bank, First Citizens Federal Credit Union, Mechanics Co-Operative Bank and St. Anne’s Credit Union- to provide quality, fixed-rate home loans to qualified homebuyers and homeowners who want to refinance their existing mortgages. The loans are a 30-year fixed rate mortgage product designed for New Bedford homebuyers who will live in the property as their primary residence. The program offers discounted interest rates through MassHousing and can be combined with the City’s “Neighborhoods First” home buyer program for down payment, closing cost and rehabilitation assistance, as long as borrowers meet program eligibility requirements.
“The City is pleased at MassHousing’s response to offer flexible, responsible mortgage products to the residents of our community,” stated Mayor Jon Mitchell. “MassHousing and the local lenders continue to be proactive in promoting homeownership opportunities that help strengthen our neighborhoods and we are thankful to have them as partners,” he continued.
“The City is getting the word out that now is a great time to purchase a property in New Bedford. There are many housing opportunities right now and it is equally as important to shop around to get the best mortgage product available as it is to find the best home suited for your family.” said Patrick J. Sullivan, Director of the Office of Housing and Community Development.
“The Buy New Bedford Program resulted from the positive feedback we received in promoting homeownership in New Bedford,” said MassHousing Executive Director Thomas R. Gleason. “By working closely together with city officials, lenders, and non-profit groups, we believe we can better serve qualified homebuyers and homeowners in New Bedford.”
Additional information may be obtained at the Home Buyers Fair at the Dartmouth Mall on Saturday, October 5th from 10am- 2pm. Lenders, real estate professionals, city representatives and home builders will be on hand to answer questions and help potential homebuyers gather information on purchasing a home as well as making renovations.
To qualify for the “Buy New Bedford” Program, borrowers must meet income, loan limit and minimum credit score requirements. For more information about the “Buy New Bedford” program, please visit masshousing.com, www.frnbhp.com or call the City of New Bedford Office of Housing and Community Development at (508) 979-1500.
