If you are a first time home buyer looking for home buying assistance in Massachusetts, Mass Housing may have a loan program to fit your needs. MassHousing offers below market fixed interest rate long term mortgages to qualified low and moderate income families and individuals who want to purchase a home in Massachusetts.
First Time Home Buyer Loan Program – MassAdvantage From MassHousing
If you are a first time home buyer or a buying a home in a special targeted area you may qualify for the MassAdvantage mortgage loan. This loan provides below market interest rates, flexible underwriting guidelines, and lower fees and mortgage insurance premiums if you are a qualified lower income home buyers.
How Do I Qualify For A First Time Home Buyer Mortgage From MassHousing?
To qualify for the MassAdvantage home mortgage from MassHousing you will have to apply for the program through a participating lender. The mortgages are offered through lenders who have been approved through MassHousing. Applying for this first time home buyer program is just like applying for any mortgage. You will have to meet credit, income and asset requirements of the program to qualify.
What Are The Qualifications Of The Massachusetts First Time Home Buyer Program?
The MassAdvantage mortgage requires home buyers to meet certain income and home price limits depending on where the home being purchased is located. In most locations, you must be a first time home buyer, have a signed purchase and sales contract, and be qualified for a mortgage through an eligible mortgage program and lender to get the benefits of a MassAdvantage loan.
If you are purchasing a home Boston, Cambridge, Chelsea, Everett, Fall River, Lawrence, Lynn, North Adams, or Somerville you do not have to be a first time home buyer to use this program to buy a home. These areas are special targeted areas that have been designated by HUD and Massachusetts as areas with special economic and community development needs.
Another requirement of the MassAdvantage loan is that if you are putting less than 5% or you are purchasing a multi family home you will have to attend a home buyer counseling course.
What Kind of Home Can I Buy With A MassHousing First Time Home Buyer Program?
You can use the MassAdvantage home mortgage program to purchase a condominium as well as a single family home all the way up to a four family home. You must live in the home as well, so this program is not available to investors who do not plan on living in the home.
Other MassHousing Purchase Home Loan Program Options
- Municipal Employees - If you are a municipal employee in a participating locale you may qualify for a special no down payment loan to purchase a home. Some job descriptions that are eligible for this program include: teachers, police officers, public servants, firefighters, municipal employees, state/county/non-profit employees in the fields of public safety social services and health care, and emergency response personnel. Income and other restrictions apply to be eligible so check with a participating lender to see if you and your job qualify for this special program.
- Mass Transit – The T - If you use mass transit to commute to your job, MassHousing through participating lenders may have a special loan program for you to allow you to purchase a home with little or no money down.
- Are You A Veteran – MassHousing’s Home For The Brave mortgage program provides no downpayment and affordable home financing options for U.S. Armed Forces Veterans, Active Duty Personnel, and spouses of soldiers, sailors, or marines killed while on active duty. There are also programs available to allow a disabled veteran to borrow money when they purchase a home to make accessibility upgrades.
- Purchase and Rehab Home Loan – MassHousing provides purchase and rehab loans to home buyers who meet income and home price as well as other loan qualification requirements. These loans are designed to help home buyers purchase a home to make repairs to the home as well as to make major rehab upgrades to the home. Check with a participating lenders to see if you qualify for this great program.
The Massachusetts Housing Partnership and the SoftSecond Loan For Down Payment Assistance
The Massachusetts Housing Partnership (MHP) provides a unique loan program to low to moderate income first time home buyers in the form of a 20 percent second mortgage which MHP calls: SoftSecond Loan. The SoftSecond Loan provides one great benefit. The benefit is that with a SoftSecond Loan a home buyer will not have to pay Private Mortgage Insurance which can be a savings of several hundred dollars. Interested homebuyers in getting down payment assistance should check with participating lenders to about qualifying for this program. The SoftSecond is used by home buyers as down payment when buying a home.
(New site)