Applicants are subject to complete underwriting based on program guidelines, not all applicants will qualify. Loan payments made to MassHousing, a customer-oriented service provider.Borrower’s principal and interest payments, up to a maximum of $2000 per month, are covered for up to six months if borrower becomes unemployed (if the loan carries mortgage insurance).One fixed monthly payment for the life of the loan.No risk-based loan pricing adjustments or mortgage insurance premium adjustments.

Quick underwriting decisions made by lenders overseen by MassHousing.

Safe, fixed-payment, limited cash-out refinance options.

Up-front third-party-paid mortgage insurance premiums available – eliminating borrower’s monthly mortgage insurance payment.

Eligibility Criteria: Buyers will need to complete an education class. The MassHousing Mortgage offers lower interest rates and lower down payment requirements than traditional conventional loans.

Low mortgage insurance coverage requirement MassHousing, the state's official home assistance entity, offers various programs to help first-time homebuyers.

Approved community second mortgages allowed.

Purchase and rehab option available to first-time buyers.

MI Plus™ mortgage insurance helps pay the mortgage in case of job loss.

For Hampden and Hampshire Counties, the maximum income level is $94,770.

Maximum income levels as high as $125,415 (varies by city or town).

Low down payment program with no cash required on single-family homes and condos.With its flexible underwriting and fixed-rate financing, the MassHousing Mortgage is the perfect mortgage loan for low- and moderate-income households. This affordable loan from the state’s affordable housing bank is just right for first-time homebuyers, as well as for those looking to upgrade or refinance. Simply put, the MassHousing Mortgage available through Holyoke Credit Union offers competitive interest rates with low down payment options.

Mass housing mortgage calculator