MassHousing Mortgage
A standard MassHousing Mortgage can provide the affordable financing you need to buy a home, condominium or 2- 3- or 4-family home.
If you are in the military or want to buy and renovate a home at the same time, see our other products on this page.
Next Steps
- View the income and loan limits for a MassHousing Mortgage
- Find a lender to work with
- Sign up for a homebuyer education class
Questions? Contact our HomeOwnership Team at 888-843-6432 or homeownership@masshousing.com.
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Down Payment Assistance
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.
Down Payment Assistance Program Details
- 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.
Next Steps
Questions about Down Payment Assistance? Contact our HomeOwnership team at 888.843.6432 or homeownership@masshousing.com.
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Workforce Advantage
Affordable financing with down payment assistance for lower-income first-time homebuyers in Boston and the Commonwealth’s Gateway Cities.
Made possible by a $2.5 million grant from the Commonwealth of Massachusetts, Workforce Advantage is available to First Time homebuyers who
- Earn up to 80% of the Area Median Income (AMI)
- Purchase a single-family home or condominium in the City of Boston or one of the Commonwealth’s 26 Gateway Cities*
*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.
Workforce Advantage Details
Workforce Advantage financing includes
- An affordable, fixed-rate MassHousing Mortgage
- Available with our Conventional or FHA insured first mortgage
- A down payment assistance loan of up to 3% of a home’s purchase price of $15,000, whichever is less
- Discounted MassHousing Mortgage Insurance with MI Plus job loss protection for Conventional loans
- Financing may include renovation or energy efficiency improvements
Contact a MassHousing lender for details and additional requirements.
Next Steps
Questions about Workforce Advantage? Contact our HomeOwnership team at 888.843.6432 or homeownership@masshousing.com.
A MassHousing Mortgage offers competitive interest rates with low downpayment options. This affordable loan from the state’s affordable housing bank is just right for first-time homebuyers as well as those looking to move up or refinance. With its flexible underwriting and fixed-rate financing, it’s the perfect mortgage loan for low- and moderate-income households.
- Up to 97% financing with no cash required on single family homes and condos
- Safe, fixed-rate
- Maximum income limits as high as $123,120 (varies by city or town)
- If mortgage insurance is required, MIPlus™ mortgage insurance helps pay the mortgage in case of job loss
- No MI options
- Approved community second mortgages allowed
- 30- to 75-day rate locks available
- Conventional appraisal guidelines
- Non-traditional credit allowed
- MassHousing is not a direct lender. By obtaining a MassHousing loan through one of the Buy Springfield Now participating lenders you may get a lower interest rate than anywhere in Massachusetts.
Once your loan closes, your loan payments will be made to MassHousing, an in-state, customer-oriented service provider.
Ask one of our participating lenders about a MassHousing Mortgage.
Operation:Welcome Home
Affordable financing for members of the National Guard and Reserves, active-duty military, Veterans and Gold Star families.
Closing cost assistance of up to $2,500 is available and may be combined with down payment assistance.
Eligibility
To qualify for an Operation Welcome Home loan, you must
- Be an active duty military member; member of the Reserves or National Guard; Veteran who served honorably; or Gold Star Family member
- Be a first-time homebuyer*
- Purchase a 1- to 4-family property in Massachusetts (including condominiums)
- Meet income and loan limits
Next Steps
Questions about Operation Welcome Home? Contact MassHousing’s HomeOwnership team at 888.843.6432 or homeownership@masshousing.com.
To find out more about MassHousing, please contact:
Rocco Leone – Business Development Officer
617.513.3724 | rleone@masshousing.com
Oneida Fuentes – Business Development Officer
617.416.8587 | ofuentes@masshousing.com
* All loans subject to credit approval. Other restrictions may apply. Applicants are subject to complete underwriting based on program guidelines, not all applicants will qualify.