Is FHA a MassHousing?
MassHousing offers several mortgage products for homebuyers and homeowners: ... MHM CONV: MassHousing Mortgage Conventional. MHM FHA: MassHousing Mortgage FHA.
Who is considered a first-time home buyer in Massachusetts?
The borrower must be a first-time homebuyer, which is defined as someone who has not owned a home in the three years prior to applying for the One Mortgage Program. 2. The borrower must complete an approved pre-purchase homebuyer education class.
How can I buy a house with low income in Massachusetts?
Who is Eligible?
- Be a first-time homebuyer. ...
- Take a homebuyer class. ...
- Meet our down payment requirements. ...
- Have a total household income under our limits. ...
- Have less than $75,000 in total household assets. ...
- Meet our credit score limits. ...
- Agree to live in the property as your primary residence.
Does mass housing have PMI?
The cost of PMI is added to your monthly mortgage payments and closing costs. MassHousing's mortgage insurance features MI Plus, a unique borrower protection that helps pay the mortgage (up to $2,000 per month for six months) if the borrower loses their job.