Help for new homeowners

(WWLP) - The state has given out lots of cash to help residents get their hands on a home.

Governor Patrick says that so far this year, the state has spent about three-quarters of a billion dollars helping first time homebuyers get affordable loans.

Governor Patrick says homebuyers have flocked to MassHousing's 30-year fixed rate-mortgages with low down payment requirements, a feature that has virtually disappeared from the private lending market in the wake of the mortgage lending crisis.

One Springfield resident told 22news it's a good use of taxpayer's money. "Having that availability for the first time homebuyer is really a benefit to that person," said Brian Valois.

MassHousing made a total of $753.2 million in loans this past year, an increase of 7.3% over 2008.