What are MassHousing Mortgage loans?
If you are looking to purchase a home in the North Attleboro- Attleboro area you might be eligible for a MassHousing Mortgage loan.
MassHousing Mortgage loans are affordable mortgage loans for low and moderate-income residents of Massachusetts. They can offer an alternative to FHA loans. MassHousing mortgages are offered by MassHousing, a state agency that works to increase affordable housing in the commonwealth of Massachusetts.
MassHousing mortgage income limits vary by community. North Attleboro and Attleboro are in Bristol County and the income limit is $95,985, Plainville is in Norfolk County where the income limit is $123,120.
MassHousing mortgage loan limits vary by the property type but are the same across the state, $417,000 for a single family, $533,850 for a two-family and $645,300 for a three-family.
The qualifications for a MassHousing Mortgage are :
• You can be a first-time homebuyer or a non-first-time homebuyer; however you cannot own another property at the time of closing.
• You must be able to afford your monthly housing expenses, taking into account your income, assets, other debts.
• You must meet the MassHousing income and loan limits.
• Your credit must be good
• You are required to attend a homebuyer counseling course if you are a first-time homebuyer.
• You are required to attend a landlord counseling course if you are buying a multi-family property.
• There is a minimum down payment of 3% of the purchase price for 2-family homes, and 5% for 3-4 family homes. There are no minimum down payment requirements for single family homes and condominiums.
The benefits of a MassHousing mortgage are:
· Low interest rates
· Low or zero down payment options
· Low closing costs with no hidden fees
· Flexible qualifying ratios
· 30-year fixed rate
Find a Massachusetts lender offering MassHousing Mortgages.
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