MHFA / Massachusetts Housing Finance Agency.

MassHousing supports affordable housing opportunities across the Commonwealth. Our home ownership programs help families find, finance and keep the home of their dreams.

Getting Pre-Qualified

Pre-qualification, the first step in obtaining a mortgage, is a quick comparison of your household income, the estimated purchase price of your home, and its expected occupancy level against MassHousing's acquisition limits. This step walks you through the process, verifying your eligibility, gathering basic information, and recommending a MassHousing approved lender to provide you with mortgage Pre-Qualification...

Purchase and Rehabilitation Loans

MassHousing Purchase and Rehab loans help borrowers cover both the cost of purchasing a home in need of repairs, as well as the expense of rehabilitating that property.

How to Apply

Purchase and Rehab mortgage loans are originated by approved lenders as well as local rehabilitation agencies across Massachusetts. To apply for a Purchase and Rehab loan, contact Bill Busta 1-978-618-0999 / william.busta@bankofamerica.com .

Income Limits and Purchase Price Guidelines

To obtain a Purchase and Rehab loan, borrowers must meet income limits and purchase price guidelines, which vary by city or town.

Downpayment

The maximum loan amount for a Purchase and Rehab mortgage is 97% of the purchase price plus rehabilitation costs or the estimated value of the home after rehabilitation (whichever is less). A 3% downpayment is required.

Other Restrictions

To qualify for a Purchase and Rehab mortgage, you must

Be a first-time home buyer*
Have a signed Purchase and Sales Agreement for a 1- to 4-family home
Be creditworthy. Learn more about credit.
Have housing debt of less than 33% of your income and total monthly debt of less than 41% of your income

You do not have to be a first-time home buyer if you are buying a home in Boston, Cambridge, Chelsea, Everett, Fall River, Lawrence, Lynn, North Adams or Somerville.

Loan Terms

The minimum rehabilitation amount for all property types is $7,500
Rehabilitation costs include the cost of repairs, as well as such expenses as inspection fees, title update fees, and a required contingency reserve equal to 10% of the total rehabilitation cost
The lender will collect a quarter-point (0.25%) to cover loan administration
A mortgage payment reserve not to exceed four mortgage payments may be included in the cost of rehabilitation if the property will not be occupied during rehabilitation
The lender may charge fees as high as $900 based on the cost of rehabilitation
Licensed contractors must complete all rehabilitation work
At the time of loan closing, the borrower will be responsible for the full mortgage payment on the total principal amount

About Recapture

Because MassHousing mortgages are funded through the sale of tax-free mortgage revenue bonds, MassHousing borrowers may have to pay a federal recapture tax if they sell their home within nine years. In those rare cases where recapture tax is required, MassHousing will reimburse borrowers for the full amount. Learn more about MassHousing's Recapture Relief.

Request More Information Bill Busta 1-978-618-0999 / william.busta@bankofamerica.com .

Loans for Home Buyers

MassHousing offers a number of loans for home buyers, all of which feature low interest rates and flexible underwriting standards.

MassAdvantage

Low rates and downpayments, 30- or 40-year amortization periods, standard or interest-only loans: MassAdvantage offers several affordable options.

MassAdvantage Standard

May be used to purchase condominiums and 1- to 4-family homes
Minimum downpayment required is 3%
30- and 40-year amortization periods available. 40-year loans may only be used to purchase single-family homes and condominiums

MyCommunity

An affordable mortgage option for borrowers with more moderate incomes, you can earn up to $110,000 and still qualify.

Program Details

Income limits up to $110,700, depending on your city or town
Loan Limits as high as $417,000 for a single-family home
No downpayment required
Financing for 3- and 4-family homes
30-year, fixed-rate loans
You do NOT have to be a first-time home buyer to qualify

Income and Loan Limits

MassHousing/MyCommunity borrowers may earn up to 135% of the median income for the town in which they are buying a home (as much as $110,700). View the full income limits.

Loan Limits vary by property type and are as follows:

1-family home: $417,000
2-family home: $533,850
3-family home: $645,300
4-family home: $801,950 qualify.

Take the T Home

Frequent riders of public transportation can qualify for an affordable, no-downpayment mortgage

Who is Eligible?

Transit-oriented loans are intended for regular riders of public transportation. To qualify, you must

Show proof of being a regular or frequent rider of public transportation
Purchase a home near public transportation

Loan Terms

Loans are 30-year, adjustable-rate mortgages with zero points
Rates are locked for at least the first five years. Caps restrict the amount interest rates may increase after the fixed period of the loan ends
Fixed-rate loans are available through the MassAdvantage™ program

Downpayment

No downpayment is required for single-family homes and condos
A 3% downpayment is required for 2- to 4-family properties

Income Limits

Take the T Home borrowers may earn up to 135% of the median income in the town in which they are buying a home (up to $111,240). View income limits.

Other Restrictions

To qualify for a transit-oriented mortgage, you must

Purchase a primary residence. You do not have to be a first-time home buyer, but you may not own more than one home upon closing the loan
Have good credit
Have a total housing debt of less than 38% and a total monthly debt of less than 45%
If you are buying a 2-, 3- or 4-family property, have two-months' reserves
If you are seeking 100% financing, complete a home buyer counseling course.

Municipal Mortgage Program

Teachers, firefighters, police officers and other public servants can qualify for a no-downpayment loan to buy a home in the town they serve.

Who is Eligible?

Loans are available to full-time, salaried

Municipal employees
State and county employees in the fields of public safety, law enforcement, education, social services and health care
Employees of non-profit organizations in the fields of public safety, law enforcement, education, social services and health care

Income Limits

Municipal Mortgage Program borrowers may earn up to 135% of the median income for the community in which they are buying a home (as high as $111,240). View Income Limits.

Downpayment

No downpayment is required if you are buying a single-family home or condominium
A 3% downpayment is required if you are buying a 2- to 4-family home

Other Restrictions

To qualify for a loan through the Municipal Mortgage Program, you must

Have good credit
Have housing debt of less than 33% and total debt of less than 41% of your monthly income
Show that you have saved for closing costs
Buy a home in the community you serve. Restrictions may be waived in communities without residency requirements that have a shortage of affordable homes for sale

Purchase and Rehab

Interested in buying a home in need of significant repair? This affordable mortgage product may be right for you.

Income Limits and Purchase Price Guidelines

To obtain a Purchase and Rehab loan, borrowers must meet income limits and purchase price guidelines, which vary by city or town.

Downpayment

Other Restrictions

To qualify for a Purchase and Rehab mortgage, you must

Be a first-time home buyer*
Have a signed Purchase and Sales Agreement for a 1- to 4-family home
Be creditworthy. Learn more about credit.
Have housing debt of less than 33% of your income and total monthly debt of less than 41% of your income

You do not have to be a first-time home buyer if you are buying a home in Boston, Cambridge, Chelsea, Everett, Fall River, Lawrence, Lynn, North Adams or Somerville.

Loan Terms

The minimum rehabilitation amount for all property types is $7,500
Rehabilitation costs include the cost of repairs, as well as such expenses as inspection fees, title update fees, and a required contingency reserve equal to 10% of the total rehabilitation cost
The lender will collect a quarter-point (0.25%) to cover loan administration
A mortgage payment reserve not to exceed four mortgage payments may be included in the cost of rehabilitation if the property will not be occupied during rehabilitation
The lender may charge fees as high as $900 based on the cost of rehabilitation
Licensed contractors must complete all rehabilitation work
At the time of loan closing, the borrower will be responsible for the full mortgage payment on the total principal amount

About Recapture