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.
MassHousing’s Conventional Loan Program for Active Duty Members of the US Armed Services, Veterans, Reservists, and Gold Star Families MassHousing has created a new conventional loan product that combines a traditional 97% LTV Fannie Mae, 30-year, fixed-rate first mortgage, with up to 3% zero interest deferred second mortgage, to create a conventional loan for veterans with all of the same features and benefits as a traditional VA loan.
- Up to 100% financing on single family homes and condos
- Up to 98% financing on two and three family properties
- Competitive interest rates and fees
- Conventional loan fees and closing costs
- Simple and easy mortgage process and procedures
- Up to 105% maximum CLTV with use of eligible community second programs offered by city/towns and non-profits
- No special property or appraisal requirements, condos follow conventional guidelines
- Non-spouse co-borrowers allowed
- For multi-family properties: projected rental income may be factored into total income for determining eligibility
- MIPlus™ unemployment benefits for eligible Reservists and National Guard Members called to active duty
To find out more about MassHousing, please contact:
* 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.