Buy Brockton Frequently Asked Questions

Buy Brockton - Frequently Asked Questions

Loan Questions

Why are there other loan programs highlighted through Buy Brockton?

The Buy Brockton website highlights safe and affordable mortgage products that are available through the participating lenders for one-to-four unit properties with options for purchase and rehabilitation financing.

What is the difference between the Buy Brockton Mortgage Product and Other Mortgage Products?

The BuyBrockton mortgage is a 30-year fixed rate mortgage available through local lenders for buyers purchasing one or two unit homes that are for sale as a result of foreclosure, deed-in-lieu of foreclosure or short sale. (How do you know?) Because the interest rate is very low, this product is likely the most cost effective product for borrowers purchasing homes that are eligible.

Buyer Qualifications

Who is eligible to participate in the Buy Brockton Mortgage Program?

Buyers purchasing a condominium or a single-family home that is being sold as a result of foreclosure, short sale or deed-in-lieu of foreclosure in Brockton and where the buyers income is at or below 135% of the area median income, which is currently $122,040 in Brockton market area. (Have these numbers changed?)

The loan amount cannot exceed $417,000 for a one unit, $533,850 for a two-unit, $645,300 for a three-unit and $801,950 for a four-unit house. (Have these numbers changed?) Buyers must be creditworthy, and both the property and the borrower must qualify under the underwriting guidelines for the program. See lenders offering the program.

Are there Income Limits for Buy Brockton mortgages?

The current income limit is 135% of area median income in Brockton or $122,040. The income includes all income from the borrower on the mortgage, note and deed. (Changed?)

Do I have to be a First Time Home Buyer to qualify?

You do not have to be a first time home buyer to qualify, but you can not own another home.