MASS HOUSING LOAN
Masshousing Mortgage
Put simply, the MassHousing Mortgage offers competitive interest rates with low downpayment options. This affordable loan from the state’s affordable housing bank is just right for first-time homebuyers as well as those looking to move up or refinance. With its flexible underwriting and fixed rate financing, it’s the perfect mortgage loan for low- and moderate income households.
Eligible homebuyers and homeowners can take advantage of 30-year, fixed-rate financing for the purchase or refinance of condominiums or one- to four-family properties. Borrowers may finance up to 97% of the sales price or the appraised value, whichever is less. Loans with downpayments of less than 20% are insured by MassHousing's Mortgage Insurance Fund (MIF).
Features
* Up to 97% financing with no cash required on single family homes and condos
* Maximum income limits as high as $122,040 (varies by city or town)
* MI PlusTM mortgage insurance helps pay the mortgage in case of job loss
* Affordable loan limits
* Purchase & Rehab option available to first-time buyers
* Approved community second mortgages allowed
* 30-and 75-day rate locks available
* Conventional appraisal guidelines
* Non-traditional credit allowed
Advantages
* Competitive interest rates
* Low monthly payments
* Low mortgage insurance coverage requirement
* Up-front third-party-paid mortgage insurance premiums available - eliminating borrower’s monthly mortgage insurance payment
* Safe, fixed-payment, limited cash-out refinance options
* Quick underwriting decisions made by lenders overseen by MassHousing
* No risk-based loan pricing adjustments or mortgage insurance premium adjustments
Borrowers participating in this program benefit from flexible underwriting; low downpayments; conventional mortgage insurance rates; quick processing thanks to automated underwriting and online mortgage insurance approvals. This program is available statewide.
