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).
* 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
* 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.
Contact us today to learn more about this great program!
NewFED™ Mortgage - Mortgages For Every Stage Of Your Life
98 High Street
Danvers, MA 01923
MLO License Info
NMLS #1881 MA License No. MC1881, CT license # ML-1881, NH License No. 9474-MB - Licensed by the New Hampshire Banking Department, RI License No. 20041817LL, FL License No. MLD652, Maine Lender License #SLM8185, Licensed by the N.J. Department of Banking and Insurance. NewFED™ Mortgage is an Equal Housing Lender. Member of the MA Mortgage Bankers Association and Better Business Bureau of Eastern MA.