My Mass Mortgage
Created under the Massachusetts Homeownership Compact this website was designed to assist potential home owners in the Homebuying process. From discovering what mortgage product would work best for your needs, to taking a first-time homebuyer course through finding and purchasing your new home, My Mass Mortgage is your guide for finding affordable and reliable state-sponsored mortgage products and ultimately the right place for you to call home.
As Massachusetts emerges from the Great Recession, the availability of mortgaging financing on reasonable terms serving families at a range of household incomes is critical to the future of the Commonwealth and to the strength of our local communities.
The parties to this Massachusetts Mortgage Compact share the goal of providing mortgage loans for 10,000 first-time home purchases over the next five years by individuals and families with household incomes below the area median income (AMI). To help achieve that goal, the parties to this Compact make the following commitments:
Banks, credit unions, and mortgage companies each pledge:
- To originate a specific number of mortgage loans over the next five years to first-time home buyers with household incomes below the area median income in Massachusetts through MassHousing and the Massachusetts Housing Partnership (MHP). Lender commitments to both programs should be at or above current lending levels.
- To provide information on the number of new loans originated to first time homebuyers through the Compact, the location and type of the mortgaged properties, the race, income and other household characteristics of the borrowers, and the performance of the loans.
MassHousing and the Massachusetts Housing Partnership pledge:
- To fund a website to be managed by an independent non-profit organization to inform consumers about their home buying options, their eligibility for state-sponsored mortgage programs and the comparative costs and benefits of mortgage products available to first-time home buyers in the Commonwealth; and.
- To require pre-purchase homebuyer education as a condition of borrowers’ eligibility for state homeownership programs.
- To collect and compile data and issue quarterly reports to MCBC on loans originated pursuant to this Compact to first time homebuyers below area median income using either the One Mortgage or MassHousing with respect to race, income and other household characteristics of borrowers, the type and location of homes purchases and performance of loans including delinquency and foreclosure rates.
Homebuyer education agencies pledge:
- To make pre- and post-purchase homebuyer education and delinquency and foreclosure counseling widely available through programs that have achieved a Seal of Approval from the Massachusetts Homeownership Collaborative.
The Massachusetts Community and Banking Council pledge:
- To receive and make available reports on loans originated pursuant to this Compact to first time homebuyers below area median income using either the ONE Mortgage Program or MassHousing with respect to race, income and other household characteristics of borrowers, the type and location of homes purchased, and performance of loans including delinquency and foreclosure rates.