MassHousing is an autonomous, quasi-governmental organization founded in 1966 to facilitate reasonably priced housing opportunities for inhabitants of Massachusetts. It furnishes low-cost mortgage loans with down payment support to Massachusetts residents with modest earnings, without any dependence on public funds.
All loans offered by MassHousing come with affordable, unchanging interest rates, devoid of concealed fees or other surprises, and are supervised locally in Massachusetts. Eligible debtors can receive up to $50,000 subject to loan program restrictions. Besides, MassHousing provides a unique mortgage insurance benefit called MI Plus, which grants aid to borrowers in paying their mortgage for up to six months in the event of job loss.
To qualify for a MassHousing Mortgage, debtors must comply with income restrictions that differ by area and loan program. MassHousing loans can be employed to buy or refinance condominiums and homes with one to four units.
