The Cooperative Bank of Cape Cod has joined MassHousing, Bristol County Savings Bank, First Citizens’ Federal Credit Union, and Cape Cod Five Cents Savings Bank in the Buy Cape Cod and the Islands initiative to promote affordable homeownership opportunities on Cape Cod, Martha’s Vineyard and Nantucket.
The initiative is the latest in MassHousing’s Buy Cities Program that makes mortgage financing of up to 100% of the purchase price for a new home available to qualified homebuyers. Homeowners who want to refinance their property can receive financing of up to 100% of the fair market value of the home. The mortgage loans provided by the Buy Cities lenders include MassHousing’s MIPlus® mortgage insurance, which will pay a borrower’s monthly principal and interest payments for up to six months in the event of a job loss.
Buy Cape Cod and the Islands is different from previous Buy Cities initiatives in that it is available to people who live and work in the 23 cities and towns on the Cape, Martha’s Vineyard and Nantucket rather than in a single community. To date the program has closed several loans for first-time homebuyers.
The Buy Cities lenders offer long-term financing of up to 98.5% of the purchase price of a new home or the current fair-market value of a property being refinanced. Up to 100% financing is available in conjunction with approved down payment and closing cost assistance programs.
Households with a combined income of up to $108,405 are eligible for the Buy Cape Cod and the Islands program in Barnstable County. Households earning up to $118,125 can qualify in Dukes County and households earning up to $126,900 can qualify in Nantucket County.
To qualify for the Buy Cities program, borrowers must meet income, loan limit and minimum credit score requirements. Learn more about the Buy Cities Program.