• MassHousing 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).

    * 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!