From our President

A full list of guidelines for putting in effect President Obama's assistance program for at-risk homeowners have been released by the Treasury this morning. The objective of this program is to allow homeowners previously unable to refinance at this Winter's favorable rates to renegotiate a lower interest rate mortgage.

Here's a summary from the Wall Street Journal, which outlines
eligibility and stronger verification rules. The full mortgage-modification guidelines are available from the United States Treasury.

Cambridge has made it into Boston Magazine's Best Place to Live (again!) This year Cambridge is singled out as one of the 10 most recession proof places in the Boston area. Single-family prices show double-digit gains over last year, while the condo market shows only a minimal price drop.

What these statistics don't show is activity, which is an equally significant indicator of a market's vitality. While Cambridge condo prices have "adjusted" since the peak market, this adjustment has been quite small in comparison with national averages. As far as activity goes, there's definitely pent-up demand for condos in specific price points. Buyers in Cambridge are finding that inventory is limited and are becoming more aggressive about securing desirable property. It's very likely that the Spring condo market in Cambridge will be a seller's market.

There's been some concern recently that changing lending guidelines will make it more difficult for many home buyers to qualify for a mortgage. It's true that many lenders are adopting stricter lending rules, but it's an absolute myth that financing has dried up.

Even if you can't make a 20% down payment, you can still qualify for a competitive mortgage. MassHousing, a public authority chartered by the Commonwealth of Massachusetts to increase home ownership in the state, offers a portfolio of very attractive mortgages for borrowers with decent credit and stable incomes. They even offer no-money-down financing, home improvement loans and mortgage insurance that covers you if you become unemployed.

Their easy-to-use mortgage calculator lets you figure out what you can afford and which of their programs you qualify for.

You can review the selection of their loan programs, including MyCommunity and MassAdvantage.

These programs are only available from certain banks and credit unions. If you want to get this process started, call the office (617-864-5400) and we'll be happy to recommend some excellent loan officers at local banks that specialize in MassHousing loans.