Why SoftSecond

Get a fix on your future! Buy more house and save thousands with the SoftSecond Loan Program, a low-interest rate, low down payment mortgage for first-time homebuyers. Unlike other mortgage products that offer variable rates, SoftSecond offers a fixed rate that will save you thousands over the life of your loan.

SoftSecond is now available in every community in Massachusetts. More than 35 lenders throughout the state offer SoftSecond through a partnership with the Department of Housing and Community Development and MHP. SoftSecond Loan has been hailed as one of Massachusetts's most affordable mortgage programs for low- to moderate-income homebuyers.

Key features of a SoftSecond Mortgage:

Low fixed interest rates

Participating lenders offer SoftSecond rates that are fixed for 30-years and range from 1/4 to as much as 1/2 percent below market rate.

Low down payment

The minimum down payment for a SoftSecond loan is 3 percent of the purchase price; some of which can even be a gift or grant.

No PMI

Borrowers who qualify for a SoftSecond loan are not required to pay Private Mortgage Insurance - a savings of approximately $125 to $250 per month.

No points

"Points" are fees banks ask buyers to pay when they buy a home. One point equals 1 percent of the loan. Banks do not charge points for SoftSecond loans. Not paying points will save buyers $3000-$7000.

Subsidy available for qualified borrowers

Some SoftSecond buyers qualify for a zero percent interest subsidy payment from MHP. The subsidy payment may cover up to 75 percent of the interest-only payment on the second mortgage.

Homebuyer support

Pre and post-purchase educational courses are designed to help homebuyers purchase their home and keep up with payments.

Proven track record

Since 1991, SoftSecond has helped nearly 10,000 families buy their first home, with a state-low delinquency rate of 1.9 percent and a microscopic foreclosure rate of .35 percent.

For more information, email SoftSecond or call 1-800-752-7131.