More than 50,000 families have used a simple, straightforward MassHousing loan to buy their first home.
Features of a MassHousing Loan
With a loan from MassHousing, you'll get
- Affordable interest rates, fixed for the life of the loan
- Mortgage payment protection, which helps pay your loan in case you lose your job
- No hidden fees or other surprises
- Low-and no-downpayment options
- Flexible underwriting and income limits mean more families qualify
- Loans serviced by MassHousing. If you have a question or concern, you'll know who to call
To qualify for a MassHousing Loan, borrowers must
- Meet income and loan limit guidelines
- Purchase a condominium, single family, 2, 3 or 4-family property
- Have good credit
- Complete a homebuyer education course, if you are a first-time homebuyer or purchasing a multi-family property
How to Apply
Income and Loan Limits
To obtain a MassHousing Mortgae with Rehabilitation, borrowers must meet income and loan limits, which vary by city or town.
Up to 75% of the ''as completed" appraised value of the property can be financed toward renovation costs.
Available on 1-to-4-family properties
A MassHousing Mortgage with Rabilitation features low-and no-down payment requirements. Down payment and clsoing cost assistance can be used in partnership with this program.
- Minimum rehabilitation amount is $10,000 for all property types.
- Rehabilitation costs include the amount required to pay for the repairs, as well as other allowable expenses:
- Inspection fees
- Title update fees
- Required contingency reserve equal to 10% of the total rehabilitation cost.
DownPayment Assistance Option
For qualified borrowers, MassHousing now provides downpayment assistance for up to 3% of the purchase price for $12,000, whichever is less.
- 15 year, fixed rate loan at 1%
- Repayment of the downpayment assistance is due upon sale or refinance of the property prior to the end of the 15 year term
- Must be a first-time homebuyer (except in ACED areas*)
- Must meet income and loan limits
- Single Family and Condos only
- Homebuyer Counseling required
*ACED areas include: Boston, Cambridge, Chelsea, Everett, Fall River, Lawrence, Lynn, North Adams and Somerville.
The Operation Welcome Home mortgage program supports veterans, active-duty military, members of the Reserves and National Guard, and Gold Star Families in achieving the dream of homeownership.
The program combines a traditional MassHousing fixed rate first mortgage with a down payment and/or closing cost assistance loan up to 3% of the purchase price or $12,000, whichever is less.
How to Apply
Operation Welcome Home loans are made available through a network of approved lenders.
To qualify for an Operation Welcome Home Loan, you must
- Be an active duty military member; Veteran who served honorably; member of the Reserves or National Guard; or a Gold Star Family member.
- Be a first-time homebuyer*
- Purchase a 1-to 4-family property in Massachusetts (including condominiums)
- Meet income and loan limits
*You do not have to be a first-time homebuyer if you are purchasing a home in Boston, Chelsea, Cambridge, Everett, Fall River, Lawrence, Lynn, North Adams and Somerville.
- Competitive, fixed interest rates with flexible credit and qualifying requirements
- A 1% down payment or closing cost assistance loan option for eligible borrowers
- Borrower or lender paid mortgage insurance options are available
- Loans insured by MassHouing feature MIPlus™ Mortgage Payment Protection benefit, which helps repay your loan if you are deployed or lose your job, or for Reservists and National Guard Members called to active duty
- A Purchase & Rehabilitation option is available
To learn more about Operation Welcome Home, contact a participating lender.
Not all MassHousing Mortgages require MI. Loans insured by MassHousing feature
- Mortgage Payment Protection with MI Plus: unique coverage that helps pay your mortgage if you lose your job! Regardless of which MI option you choose, all loans insured by MassHousing feature MI Plus, a unique borrower protection that helps pay your mortgage if you lose your job.
- Discounted MI premiums for eligible borrowers
- Monthly and single MI premiums available
Regardless of which MI option you choose, all loans insured by MassHousing feature MI Plus, a unique borrower protection that helps pay your mortgage if you lose your job. MI Plus
- Covers principal and interest payments for up to six months (up to $2,000/month)
- Comes at no added cost on loans insured by MassHousing
- May be used for any six months during the first 10 years of the loan.