New Funds Now Available to First-Time Homebuyers Who Purchase and Rehabilitate Foreclosed Homes in Haverhill

Partnership between MassHousing, city of Haverhill and Haverhill Bank will help create opportunities for qualified buyers who purchase properties in need of repair. BOSTON, MA – April 15, 2010 – (RealEstateRama) — MassHousing, Haverhill Mayor James J. Fiorentini and Haverhill Bank announced a new initiative today to make grant funds available to first-time homebuyers who purchase foreclosed homes in Haverhill. Qualified homebuyers who obtain a MassHousing Mortgage through Haverhill Bank will be eligible for a second loan to assist in rehabilitating the foreclosed property. The second loan will be funded through the Neighborhood Stabilization Program (NSP), which was created in federal economic recovery legislation.