First, what is MassHousing?
MassHousing is the states affordable housing bank, lending money at rates below the conventional market to support affordable home ownership opportunities for low and moderate income residents in Massachusetts. They work with a network of approved lenders to deliver their mortgage programs to first time home buyers.
What are the income limits?
MassHousing Loans have raised their income limits. For example, in Norfolk, Suffolk and Plymouth counties, the income limits are now $118, 935 for a single or married couple. Loan limits in these counties are as follows: single family, $417,000; 2-family $533,850; 3-Family $645,300; 4-Family, $801,950.
This is great news for first time home buyers...why?
Because did you know that MassHousing offers low or no down payment options?
Did you also know that MassHousing offers mortgage payment protection? What does this mean? This means it helps pay your loan if you lose your job!
MassHousing has so many good options for the first time homebuyer if you qualify. This is just another good reason to purchase a home in 2010!