1. Bank PreApproval Letter (Must be Submitted with Application)

Suggestions:

• Find a Lender/Loan Officer that you are Comfortable With
• Find a Lender/Loan Officer that is Familiar with Massachusetts Deed Restricted Housing
  

MASS HOUSING

Mass Advantage

• 30 Year Fixed Mortgage
  
• Offers financing up to 97% of the purchase price
  
• Discounted Interest Rates & Mortgage Insurance Rates for borrower’s earning under 80% of area median income
  
• Purchase Price and Income Limits

My Community Mortgage

• 30 Year Fixed Mortgage
  
• Offers financing up to 100% of the purchase price
  
• Discounted Mortgage Insurance Rates
  
• No Purchase Price Limits

First Time Home Buyer

• 30 Year Fixed Mortgage
  
• Offers financing up to 95% of the purchase price
  
• Lower rate than a conventional 30 Year Fixed Mortgage
  
• No Purchase Price or Income Limit

MASS HOUSING PARTNERSHIP

Soft Second

• Offers financing up to 97% of the purchase price
• Of the 3% down payment only 1.5% must come from the borrower’s own funds
  
• Program offers a first mortgage of up to 77% of the purchase price and a second mortgage of up to 20% of the purchase price both at the same low rate
  
• Subsidy available for those who qualify to help with the second mortgage payments for the first 10 years
  
• Must be an affordable property