SPECIAL FINANCING FOR FIRST TIME BUYERS

If you are a first time homebuyer who meets certain income limits (up to $66,000 per year for a 2 person household) then you can qualify for a fixed rate mortgage at an interest rate of 5% (as of 1/8/08 subject to market changes) with zero points and no Private Mortgage Insurance with as little as 3% down ! See  information sheet below from Bank of America for payment details.

With the tax advantages of homeownership you can own a brand new townhome at Merrimac Landing for less than renting with jut 3% ($8097.00) down (some of which may be a gift!). Note this program can be combined with any builder incentives that are being offered; see website for details! Other assistance may be available from the Merrimack Valley Housing Partnership of up to $10,000.00.

COST OF OWNERSHIP FIRST YEAR

Monthly Mortgage Payment $ 1340.60
Monthly Real Estate Taxes              $   265.00
Monthly Condo Fee                           $   136.00
Total Monthly Payment                     $ 1741.60
Monthly Income Tax Savings           $  354.00 (Federal Only at 27% tax rate)
Net Monthly Payment                       $1,387.60

Don’t miss the greatest Buyer’s market in decades with low prices, great incentives and unbeatable financing. Reserve your new home today!

Merrimac Landing Condos Tyngsboro, MA

Offered at $269,900

SOFT SECOND PROGRAM

Low interest rate, low down payment program designed to assist qualified first time home buyers. First Time Home Buyer seminar is required.

Interest rate: 5.0%*  30 year fixed for both mortgages
*Interest rate is subject to change.  APR 5.03%

 

1^st Mortgage (77% of purchase price)                          $207,823                  

P + I @ 5.0%                                                             $1115.64              Taxes                                                                          $265              
Condo Fees                                                                $136  

2^nd Mortgage (20% of purchase price)                   $53,980         

Interest Only for 1^st 10 years @ 5.0%                         $224.96**

TOTAL MONTHLY COST:                                    $1741.60      

    **Some buyers may qualify for an interest subsidy payment from the Mass Housing Partnership (MHP). MHP can cover up to 75% of the interest only payment on the second mortgage.

For more information contact:

Donna Koulas, Mortgage Loan Officer at 978-250-9034

Bank of America is an Equal Opportunity Lender