Buying a Home

Mortgage Product Calculator

Input your information to understand which Massachusetts State-Sponsored products are the best match for your household income.         

It is important to keep in mind the results provided from this calculator do not automatically qualify or disqualify you for a specific product.

To get an actual pre-approval for a loan please contact the servicer of the loan. You may either contact MassHousing or MHP directly or visit our Participating Lenders page to see which banks offer these products. 

The results on the next page will show you if you qualify for 1-4 of the available products. 

SpecsAvailable 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
Available Products
MassHousing Mortgage
Fixed Interest RatesYes
30-Year Repayment TermsYes
No PMINo
Gross Annual IncomeCannot exceed 135% of AMI
Total Household AssetsAdequate to close loan
First Time HomebuyerYes or No
Property Type1-4 Units
Primary ResidenceMust be Yes
Loan sizeDepends on property type
Down PaymentAt least 3%
Homebuyer Education Course RequiredYes
Estimated Monthly Mortgage PaymentMassHousing Mortgage
MassHousing Mortgage with no MI
Fixed Interest RatesYes
30-Year Repayment TermsYes
No PMIYes
Gross Annual IncomeCannot exceed 135% of AMI
Total Household AssetsAdequate to close loan
First Time HomebuyerYes or No
Property Type1-4 Units
Primary ResidenceMust be Yes
Loan sizeDepends on property type
Down PaymentAt least 3%
Homebuyer Education Course RequiredYes
Estimated Monthly Mortgage PaymentMassHousing Mortgage with no MI
MassHousing Mortgage with Rehab
Fixed Interest RatesYes
30-Year Repayment TermsYes
No PMINo
Gross Annual IncomeCannot exceed 135% AMI
Total Household AssetsAdequate to close loan
First Time HomebuyerYes with some exceptions
Property Type1-4 Units
Primary ResidenceMust be Yes
Loan sizeDepends on property type
Down PaymentAt least 3%
Homebuyer Education Course RequiredYes
Estimated Monthly Mortgage PaymentMassHousing Mortgage with Rehab
MHP ONE Mortgage
Fixed Interest RatesYes
30-Year Repayment TermsYes
No PMIYes
Gross Annual IncomeCannot exceed 100% AMI
Total Household AssetsAdequate to close loan, not greater than $75,000
First Time HomebuyerYes, with some exceptions
Property Type1-3 Units
Primary ResidenceMust be Yes
Loan sizeDepends on property type
Down PaymentAt least 3% for condo, single-family and 2-family. At least 5% for 3-family
Homebuyer Education Course RequiredYes
Estimated Monthly Mortgage PaymentMHP ONE Mortgage
Baez Family
MassHousing Homeowners
Their feedback on MassHousing:

Jose Baez had heard a lot of negative things about getting a home mortgage but his experience getting a MassHousing Mortgage was nothing but positive.

"It went fine, really," he said. "There were no issues. I thought it was going to be difficult from what I heard other people say but I didn't really experience that. It's great," he said. "They (his children) love it. They have their own yard and place to play and we are very happy with how everything worked out. For anyone who has any doubts about MassHousing, they made the process easy. I didn't think it was ever possible to own our own home."

Baez, an electrician, is a first-time homebuyer who purchased a single family home in Revere using a MassHousing Mortgage with no Mortgage Insurance (MI) and a 3% downpayment. 

Get Started Today