In conjunction with the Massachusetts First Time Home Buyer Tax Credit Loan Program, Mass Housing is offering some great loan programs and one of them might be just right for you. Keep in mind, some of these programs are for first time homebuyers only so you want to make sure to take advantage of the first-time homebuyer tax credit before the program expires. Here are the highlights of the programs currently being offered:
 |
Mass Advantage - loan program for low and moderate-income residents of Massachusetts.
-
Must be a first-time home buyer (There are some communities that are exempt, but not in Barnstable or Plymouth County at this time)
- Minimum downpayment required is 3%
- Must qualify for the loan being requested. Be credit worthy. Minimum credit scores may apply
- Have a signed Purchase and Sale Agreement
- May be used to purchase condominiums and 1- to 4-family homes
- Must attend a home buyer counseling course if your downpayment is less than 5%, or if you are purchasing a multifamily home
- 30- and 40-year amortization periods available. 40-year loans may only be used to purchase single-family homes and condominiums
- There are income and purchase limits
|
 |
My Community - loan program for low and moderate income residents in Massachusetts. Has higher income guidelines than MassAdvantage program.
- You do NOT have to be a first-time home buyer to qualify
- No downpayment required.
- Loan Limits as high as $417,000 for a single-family home.
- Financing for 3- and 4-family homes
- 30-year, fixed-rate loans
- There are income limits.
|
 |
Home for the Brave - loan program for veterans of the US armed services.
-
Must be veterans of the U.S. Armed Services, or active-duty military (restrictions apply to MI Plus for active-duty status)
- Spouses of soldiers, sailors or marines killed while on active duty may qualify.
-
No downpayment required for single family homes and condominiums.
- If you are seeking 100% financing, you must attend a home buyer counseling course.
- Must purchase as primary residence. You do not have to be a first-time home buyer, but you may not own more than one home.
- 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
-
There are income limits
|
 |
Take The T Home - loan program for frequent users of public transportation.
- Must show proof of being a regular or frequent rider of public transportation
- Purchase a home near public transportation
- Loans are 30-year, 5 year adjustable-rate mortgages with zero points and rate caps apply
- Fixed-rate loans are available through the MassAdvantage program (see above)
-
No downpayment is required for single-family homes and condos
- A 3% downpayment is required for 2- to 4-family properties
- 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
- If you are buying a 2-, 3- or 4-family property, have two-months' reserves
- If you are seeking 100% financing, must complete a homebuyer counseling course
- There are income limits
|
 |
Municipal Mortgage Program - loan program for police officers, firefighters, teachers, nurses and other public servants that want to buy a home in the community they serve.
- State and county as well as employees of non-profit organizations in the fields of public safety, law enforcement, education, social services and health care may qualify
-
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
- Must 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
- There are income limits
|
 |
Purchase and Rehab Program - loan program for first time home buyers that are purchasing a home that needs major repairs.
-
The maximum loan amount 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
-
Must be a first-time home buyer (There are some communities that are exempt, but not in Barnstable or Plymouth County at this time)
- Have a signed Purchase and Sales Agreement for a 1- to 4-family home
- 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 or the local rehabilitation agency may charge fees as high as $1,500 based on the cost of rehabilitation
- Licensed contractors must complete all rehabilitation work
|
 |
Buy Cities - loan program for borrowers purchasing a home in Brockton, Fall River, greater Gardner, New Bedford, Springfield, Taunton, and Worcester.
- Are 30-year fixed rate mortgages with zero points
- May be used to finance up to 100% of the purchase of a home
-
Have rates and terms that are competitive with traditional-downpayment loans
- Feature MI Plus (see below) mortgage insurance, with mortgage payment protection
- View 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
|
 |
MI Plus - Mortgage Insurance Plus - Some of the above loans qualify for Mortgage Insurance Plus (MI Plus). In the event the borrower loses their job, MI Plus may cover up to six months of principal and interest payments. MI Plus only covers the lender for principal and interest payments not to exceed $2,000 per month for a period of up to six months. Important note: if there are co-borrowers MI Plus will only cover their pro-rata portion based on their respective share of income as used in underwriting the loan. The borrower will still be responsible for any portion that is not covered by MI Plus. You can download the Mortgage Insurance Plus brochure for more detailed information.
|
* all of the above programs are subject to change and/or termination and are based on current information obtained from MassHousing website.
“Call on Judy at The Green Company”
;)
;)
;)
Judy, what great information! Looks like MA has wonderful programs in place for those first time homebuyers. I just love what you did!