MassHousing (The Massachusetts Housing Finance Agency) is a quasi-governmental agency created in 1966 and to date has provided loans to help more than 60,000 homebuyers achieve affordable and sustainable homeownership. MassHousing raises capital by selling tax-exempt bonds and does not use taxpayer dollars.
A MassHousing loan can be used to buy or refinance a home, and loans are available to move-up as well as first-time homebuyers.
MassHousing loans feature 30-year terms, affordable, fixed interest rates and no hidden fees or other surprises. MassHousing offers down payment assistance (DPA) to qualified borrowers who obtain a MassHousing loan. For MassHousing loans where DPA is not utilized, the down payment requirement for a MassHousing loan can be as low as 3%. MassHousing also has a unique job loss protection insurance called MI Plus™, which helps borrowers make their monthly mortgage payments for up to six months if they lose their job.
To be eligible for a MassHousing loan a borrower must meet income limits and loan limits, which vary by region.
Income and loan limits for every region in the Commonwealth are available at www.masshousing.com/limits
Borrowers must also have good credit, purchase a 1- to 4-family property and complete a homebuyer education course at www.masshousing.com/education
More information is available at www.masshousing.com or by calling 1-888-843-6432.