Yes, there are several incentives available for homebuyers looking to purchase fixer-upper properties in Chicopee.

One of the incentives is the 203(k) Rehabilitation Mortgage Insurance Program offered by the Federal Housing Administration (FHA). This program allows homebuyers to finance both the purchase price of the property and the cost of renovations or repairs into a single loan. It provides buyers with the opportunity to purchase a fixer-upper property with as little as 3.5% down payment.

Another incentive is the Massachusetts Housing Partnership (MHP) ONE Mortgage Program. This program offers low-interest mortgages to first-time homebuyers, including those interested in purchasing fixer-upper properties. The program provides affordable financing options and down payment assistance, making it easier for buyers to afford the purchase and renovation costs.

Additionally, the Chicopee Home Improvement Program offers grants and loans to eligible homeowners for necessary repairs and improvements. While this program is not specifically targeted at homebuyers, it can still be beneficial for those looking to purchase fixer-upper properties. By utilizing this program, buyers may be able to access financial assistance for repairs and renovations after the purchase.

It's important for homebuyers to research and consult with lenders, real estate agents, and local housing authorities to fully understand the incentives available to them in Chicopee. These programs can vary in eligibility criteria, loan terms, and funding availability.

For more information, you can visit the following resources:

By taking advantage of these incentives, homebuyers can potentially save money and turn a fixer-upper property into their dream home.

Leighton Morse

Leighton Morse

Leighton Morse

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