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 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 Rehabilitation 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 rehabilitation agency

Income Limits

To obtain a MassHousing Mortgage with Rehabilitation, borrowers must meet income 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 Rehabilitation features low-and no-down payment requirements. Down payment and closing 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

MassHousing has expanded its Down Payment Assistance Program to empower first-time homebuyers in Massachusetts!

  • Increased Assistance: MassHousing now provides down payment assistance for up to 5% of the purchase price or $15,000, whichever is less
  • More Property Types: Single-family homes, condominiums and 2-, 3- or 4-family properties are now eligible
  • Higher Income Limits: First-time homebuyers in Boston and the Commonwealth's 26 Gateway Cities* can earn up to 135% of the area median income (AMI); first-time buyers can earn up to 100% of AMI in the remainder of the Commonwealth. View income limits.

DownPayment Assistance Option

  • Down payment assistance is a 15-year, fixed-rate loan at 2%
    (Example: $15,000 down payment assistance loan = 180 payments of $96.53; 2.011% APR)
  • Repayment of the down payment assistance is also due upon sale or refinance of the property prior to the end of the 15-year term

*The Gateway Cities are Attleboro, Barnstable, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Revere, Salem, Springfield, Taunton, Westfield, and Worcester

Operation Welcome Home

Operation Welcome Home provides affordable mortgage financing as well as closing cost and down payment assistance to help members of the Reserves and National Guard, active-duty military, Veterans and Gold Star Families achieve the dream of homeownership.

All Operation Welcome Home loans feature

  • Affordable interest rates, fixed for the life of the loan
  • Flexible underwriting and income limits
  • Loan servicing by MassHousing. If you have a question, you’ll know who to call!    

 

$2,500 Closing Cost Credit
Operation Welcome Home borrowers can now take advantage of a closing cost credit for up to $2,500. Mortgage closing costs are an often overlooked expense. This credit is in addition to MassHousing's Down Payment Assistance Program.

DownPayment Assistance

Operation Welcome Home borrowers can qualify for a down payment assistance loan for up to 5% of the purchase price or $15,000, whichever is less. Learn more about Down Payment Assistance from MassHousing!

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