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MassHousing Products

MassHousing Mortgage

More than 50,000 families have used a simple, straightforward MassHousing loan to buy their first home.

Product Features

With a loan from MassHousing, you'll get

  • Affordable interest rates, fixed for the life of the loan
  • 30-year repayment terms
  • Mortgage payment protection, which helps pay your loan in case you lose your job
  • No hidden fees or other surprises
  • Low-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
  • Property must be your primary residence through the term of the loan. 

MassHousing Mortgage with No MI

No MI means no mortgage insurance. You get the same safe, secure, low-downpayment MassHousing loan without the monthly mortgage insurance premiums.

Product Features

  • Affordable interest rates, fixed for the life of the loan
  • 30-year repayment terms
  • Minimum 3% downpayments for single-family homes and condominiums; 5% downpayments for 2, 3 and 4-family homes
  • No hidden fees or other surprises

Eligibility

To qualify for a MassHousing Mortgage with no MI, 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
  • Property must be your primary residence through the term of the loan

MassHousing Purchase and Rehab Loans

If you are a first-time homebuyer and looking to purchase a home in need of major repair, MassHousing’s Purchase and Rehabilitation loan might be just the program for you. Mortgages covering the purchase price of the home plus necessary rehabilitation costs are available through MassHousing-approved Rehabilitation Lenders.

Product Features

  • Available on one-to-four family properties.
  • The Purchase and Rehabilitation option carries the same interest rate and point structure as a MassHousing Mortgage.
  • Maximum loan amount may not exceed 97% of the lesser of the sales price plus rehabilitation cost or the estimated appraised value after rehabilitation.
  • Minimum rehabilitation amount is $7,500 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.
  • The lender or Local Rehabilitation Agency (LRA) may charge a fee of up to $1,500 based on the cost of the rehabilitation.
  • Borrowers may utilize the services of a MassHousing accepted LRA.
  • Licensed contractors must complete all rehabilitation work.
  • At the time of the loan closing, the borrower will be responsible for the full mortgage payment on the total principal amount.

Eligibility

To qualify for a MassHousing Purchase and Rehab Loan, borrowers must

  • Have a signed Purchase and Sales Agreement for a condominium, single family, 2, 3 or 4-family property
  • Be creditworthy; learn more about credit and your credit report
  • Have housing debt of less than 33% of your income and total monthly debt of less than 41% of your income
  • Property must be your primary residence through the term of the loan
For more information on MassHousing Mortgage eligibility and MassHousing please contact them at 888.843.6432 or click HERE to view their website.

View Participating Lenders of MassHousing Mortgages