First Time Homebuyer Programs

MassHousing Purchase and Refinance Loans

Eligible homebuyers and homeowners can take advantage of 30-year, fixed- rate financing for the purchase or refinance of condominiums or one- to four- family properties.  Borrowers may finance up to 100% of the sales price or the appraised value, whichever is less.  Loans with downpayments of less that 20% are insured by MassHousing’s Mortgage Insurance Fund (MIF) or another conventional insurer approved by MassHousing.

Borrowers participated in the program benefit from flexible underwriting; low downpayments; conventional mortgage insurance rates; quick processing thanks to automated underwriting and online mortgage insurance approvals.  This program is available statewide.  Both income limits and mortgage limits apply.  Please see our current rate sheet. 

TWO STEP

Our two step mortgage rate is fixed for the first 7 years of the mortgage, then adjusts once (10-year index plus 2.25%, cap of 6%) and remains at a fixed rate for the remaining term of the loan. Please see our current rate sheet. Availability is limited to certain towns.

Down Payment: Minimum of 5% on single family homes. Private Mortgage Insurance is required on all loans over 80% Loan to Value. Lock in your rate at application for 90 days at no extra cost.

Frequently asked questions about the $8,000 tax credit for first time homebuyers