By the Division of Banks


Massachusetts first time home loan borrowers opting for a variable or adjustable rate subprime loan must complete first-time home counseling and receive certification from a third party nonprofit organization that the borrower received in person counseling on the advisability of the loan transaction.

Additionally, a Division regulation prohibits a creditor from making a high cost home mortgage without first receiving the aforementioned certification from an approved counseling agency.

Such third-party nonprofit organization shall be approved by one of the following entities: 1) the United States Department of Housing and Urban Development; 2) MassHousing; or 3) the Massachusetts Homeownership Collaborative also known as Citizens’ Housing and Planning Association (CHAPA).

A list of housing counseling agencies is available here xls format of Foreclosure Assistance by Town . If you need additional information, please contact our consumer assistance line at 617-956-1501.