MassHousing Mortgage Loans

The Massachusetts housing program provides MassHousing mortgage loans to moderate and low income families be they first-time home buyers, those looking to refinance or those looking to move up.

The MassHousing affordable housing program has helped more than 50,000 families buy their first home. It has many advantageous features that make it a popular choice for many home buyers.

Features of MassHousing Mortgage Loans

  • You can finance your home up to 97% of the value, with no capital required on condos and single family homes.
  • Mortgage insurance with MI PlusTM mortgage insurance helps cover mortgage in case of loss of employment.
  • The income limit is at $122,040. This amount may vary in different cities/towns.
  • MassHousing has a fixed loan term of 30 years.
  • Community second mortgages that have been approved are allowed.
  • This program is for moderate and low income families, the loan limits set are affordable.
  • First-time home buyers have Purchase & Rehab options.
  • MassHousing allows non-traditional forms of credit.
  • MassHousing follows conventional appraisal guidelines.

Created for the average American to realize their dream of home ownership, MassHousing mortgage loan has a wide range of benefits.

Benefits of a MassHousing Mortgage Loan

  • Attractive Interest Rates – You are offered competitive masshousing mortgage rates that’ll still leave you your disposable income.
  • Discounted Insurance – These mortgages are covered by insurance. Therefore, if you are unable to make a monthly payment owing to loss of employment, the insurance will cover it.
  • 30 year payment term – The payments are spread out over 30 years, meaning the monthly payments are quite low and manageable.
  • Faster Underwriting – Since the loan is overseen by MassHousing, lenders are quick to underwrite them.
  • Fixed Payments – The payment amounts are not adjusted based on risk.

MassHousing Loan Requirements

  • You need to submit full income and employment details.
  • There is a fixed income limit that you must clear to qualify for this loan program.
  • 30 year payment term – The payments are spread out over 30 years, meaning the monthly payments are quite low and manageable.
    You need a good credit history.
  • MassHousing Mortgages are available on single family or multifamily up to 4 family units.
  • You need to complete a home buyer education course.

Qualifying and navigating the MassHousing Mortgage Loan Program can be a daunting task. You will get the required help from Drew Mortgage company. We are industry leaders in providing mortgages and community lending opportunities. Our private home loan originators have a passion for closing loans in days, not months. From zero money down to a less than impressive credit score, we have multiple loan programs for everyone. These programs comfortably let you buy a home, and pay off your mortgage.

To know more about borrowing opportunities, get in touch with us, call 1-877-949-3739 or 1-877-WHY-DREW or visit our website www.drewmortgage.com

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