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Credit crunch creates deluge of applications to Massachusetts state housing finance agency
[This summary is based in part on article by Gordon Fraser, in the Eagle-Tribune, Sept. 16, 2007]
The credit crunch is creating new challenges for first-time homebuyers. Many are paying as much for rent as they would for a mortgage. It’s more difficult for first-time homebuyers to find financing today, according to the Massachusetts Citizens’ Housing and Planning Association. Getting a first home loan is more difficult than ever for those with low incomes or questionable credit,
As a result of the credit crunch, record numbers of homebuyers are turning to state-supported housing programs such as MassHousing, a quasi-state agency in Massachusetts that provides first-time home loans to low- and moderate-income buyers. MassHousing has received a deluge of applications and inquiries from first-time borrowers. Last year was a record lending year, especially for first-time homebuyers. MassHousing gave out 2,119 first-time home loans, almost double the number from the year before.
Not everyone can get a MassHousing loan, either because their credit good enough or because they make too much money to qualify. When that happens, would-be homeowners are forced to shop for loans in the tightening open market.
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