Mortgage Products
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MassHousing Products

MassHousing Loan

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

Additional Benefits

  • 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

Eligibility

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

Want to learn more? Ask a participating lender about a MassHousing loan. See if you might be eligible for a MassHousing Mortgage!

Rehabilitation Option 

A MassHousing Mortgage with Rehabilition can help you purchase and rehabilitate a property, or refinance and rehabilitate your current home. 

How to Apply

To apply for a MassHousing Mortgage with Rehabilitation, contact a participating lender or rehabiliation agency

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 

Downpayment

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.

Loan Terms 

  • 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. 

Operation Welcome Home 

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.  

Eligibility

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. 

Program Features

  • 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. 

Mortgage Insurance (MI) Options 

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

MI Plus

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.

 

View Participating Lenders of MassHousing Mortgages