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Updated over 5 years ago,
Long term, primary residence, private mortgage
Greetings all!
Quick background, my name is Naoise McDonnell. I am 28 years old, born and raised in Boston. I have spent the past 5 or so years dabbling in real estate, finishing my school degrees and working full time for a non-profit providing credit counseling services to people across the country. Currently, I live with my family in Boston, but I am looking to buy my first property.
The Reason I Am Reaching Out:
I have identified a newly constructed 3bd/2ba condominium unit, built in partnership with the City of Boston, located in Roxbury. The unit is one of the city's few available 'affordable' housing units. It has an income restriction for qualified buyers, and is also deed restricted.
I have excellent credit, and significant savings, and meet all other qualifications to purchase, however due to the non-profit nature of the position I have worked for nearly the past 5 years, my current income levels do not qualify me for enough to purchase conventionally. I am set to graduate from school later this month, at which time I will immediately be able to work more hours at my current position. However, as hot as this market is, I am sure this property will be gone at that point.
The asking price is $273k, I have approximately 30-40k to put down, and a 750+ credit score. I am asking if anybody would know stones I could overturn to find a private mortgage lender for this situation to purchase the property?
Thanks BP!