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Mortgage Comparison
Specs | Available Products | |||
---|---|---|---|---|
State-Sponsored Mortgage Product | MassHousing Mortgage | MassHousing Mortgage with no MI | MassHousing Mortgage with Rehab | MHP ONE Mortgage |
Product Features | ||||
Fixed Interest Rates | Yes | Yes | Yes | Yes |
30-Year Repayment Terms | Yes | Yes | Yes | Yes |
No PMI | No | Yes | No | Yes |
Guidelines to Qualify a Potential Buyer | ||||
Gross Annual Income | Cannot exceed 135% of AMI | Cannot exceed 135% of AMI | Cannot exceed 135% AMI | Cannot exceed 100% AMI |
Total Household Assets | Adequate to close loan | Adequate to close loan | Adequate to close loan | Adequate to close loan, not greater than $75,000 |
First Time Homebuyer | Yes or No | Yes or No | Yes with some exceptions | Yes, with some exceptions |
Property Type | 1-4 Units | 1-4 Units | 1-4 Units | 1-3 Units |
Primary Residence | Must be Yes | Must be Yes | Must be Yes | Must be Yes |
Max Loan Size | Depends on property type | Depends on property type | Depends on property type | Depends on property type |
Down Payment | At least 3% | At least 3% | At least 3% | At least 3% for condo, single-family and 2-family. At least 5% for 3-family |
Homebuyer Education Course Required | Yes | Yes | Yes | Yes |
Estimated Monthly Mortgage Payment | ||||
Contact MassHousing or MHP for Monthly Mortgage Payment Estimate | MassHousing Mortgage | MassHousing Mortgage with no MI | MassHousing Mortgage with Rehab | MHP ONE Mortgage |
MassHousing Mortgage | |
---|---|
Fixed Interest Rates | Yes |
30-Year Repayment Terms | Yes |
No PMI | No |
Gross Annual Income | Cannot exceed 135% of AMI |
Total Household Assets | Adequate to close loan |
First Time Homebuyer | Yes or No |
Property Type | 1-4 Units |
Primary Residence | Must be Yes |
Loan size | Depends on property type |
Down Payment | At least 3% |
Homebuyer Education Course Required | Yes |
Estimated Monthly Mortgage Payment | MassHousing Mortgage |
MassHousing Mortgage with no MI | |
Fixed Interest Rates | Yes |
30-Year Repayment Terms | Yes |
No PMI | Yes |
Gross Annual Income | Cannot exceed 135% of AMI |
Total Household Assets | Adequate to close loan |
First Time Homebuyer | Yes or No |
Property Type | 1-4 Units |
Primary Residence | Must be Yes |
Loan size | Depends on property type |
Down Payment | At least 3% |
Homebuyer Education Course Required | Yes |
Estimated Monthly Mortgage Payment | MassHousing Mortgage with no MI |
MassHousing Mortgage with Rehab | |
Fixed Interest Rates | Yes |
30-Year Repayment Terms | Yes |
No PMI | No |
Gross Annual Income | Cannot exceed 135% AMI |
Total Household Assets | Adequate to close loan |
First Time Homebuyer | Yes with some exceptions |
Property Type | 1-4 Units |
Primary Residence | Must be Yes |
Loan size | Depends on property type |
Down Payment | At least 3% |
Homebuyer Education Course Required | Yes |
Estimated Monthly Mortgage Payment | MassHousing Mortgage with Rehab |
MHP ONE Mortgage | |
Fixed Interest Rates | Yes |
30-Year Repayment Terms | Yes |
No PMI | Yes |
Gross Annual Income | Cannot exceed 100% AMI |
Total Household Assets | Adequate to close loan, not greater than $75,000 |
First Time Homebuyer | Yes, with some exceptions |
Property Type | 1-3 Units |
Primary Residence | Must be Yes |
Loan size | Depends on property type |
Down Payment | At least 3% for condo, single-family and 2-family. At least 5% for 3-family |
Homebuyer Education Course Required | Yes |
Estimated Monthly Mortgage Payment | MHP ONE Mortgage |