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MassHousing Loan

What is a MassHousing Loan?

MassHousing offers several loan options for Massachusetts residents with modest incomes who wish to purchase a home. Many of these loan products require a down payment as low as 3% and some loans include a no down payment option.

For home buyers participating in their Buy Cities program, borrowers can get a 30-year fixed rate zero point loan, with a zero down payment if they purchase a home in Brockton, Fall River, greater Gardner, New Bedford, North Quabbin, Springfield, Taunton, or Worcester. Their Home for the Brave loan is a zero down payment option with mortgage payment protection for veterans and active-duty members of the military.  Operation Welcome Home was announced in November of 2015 and supports veterans and active duty military in achieving home ownership.  This wonderful program makes it substantially easier for them to obtain mortgages.  Some of the programs benefits include non-spouse co-borrows are now able to be co-signors, rental income is allowable for 2 family home purchases.  Condominiums are not required to go through the rigorous VA approval process.

The main MassHousing Mortgage offers competitive interest rates with low down payment options to low- and moderate income households. Purchases are not limited to only first time homebuyers. Repeat homebuyers are allowed to purchase a new home as long as they don’t own any other property at closing. The Mass Housing Mortgage is restricted to a conventional fixed-rate (rather than an adjustable rate).

MassHousing’s Mortgage Insurance with MI Plus offers payment protection benefits at no additional cost if the borrower loses his or her job, and it comes at no added cost on loans insured by MassHousing. This extra protection will pay monthly principal and interest payments for up to 6 months.

MassHousing also offers a Purchase and Rehab loan to buy a home in need of repairs.








In January 2012, MassHousing announced its newest loan option, MassHousing Loan with no MI, which has slightly higher rates than the regular Mass Housing Mortgage, but the overall monthly payment will still be less since there is no monthly mortgage insurance.

What Are the MassHousing Loan Requirements?

There are income restrictions involved, but MassHousing offers several great options for low-middle income families to become home owners.  Most of these loans require good credit and for you to take a Home Buyer Counseling course.  Borrowers with lower credit scores can still obtain up to 95% financing for single family properties and condominiums with a 660 credit score, and up to 80% financing with a 640 credit score for 1-2 unit properties.

View the income and loan limits for MassHousing Mortgage Loans

Use our mortgage calculator to figure out how much your monthly mortgage payment would be.

Where Can You Get a MassHousing Loan?

We are not a mortgage company and we do not sell mortgages.  If you would like to contact a qualified mortgage company click here.

For more information visit the MassHousing Loan website.