FDIC-Insured – Backed by the full faith and credit of the U.S. GovernmentMassHousing Homeowner Loans
We are a participating lender with the Massachusetts Housing Finance Agency. Below are the homeowner loan options to help you keep your home safe, comfortable and updated.
First-Time Home Buyer
If you’re looking for down payment assistance to purchase a new home, we can help. Review Down Payment Assistance (DPA) options below.
Septic Repair Loan
The Septic Repair Loan Program, offered by MassHousing in collaboration with the Department of Environmental Protection and community lenders across the Commonwealth, is an affordable way to repair or replace your septic system.
Energy Saver Loans
The Septic Repair Loan Program, offered by MassHousing in collaboration with the Department of Environmental Protection and community lenders across the Commonwealth, is an affordable way to repair or replace your septic system.
Down Payment Assistance (DPA)
MassHousing offers several down payment assistance programs, each of which has its
own terms, conditions and income limits. A MassHousing-approved lender will determine a borrower’s
eligibility and determine which option is available.
To be eligible for DPA from MassHousing, you must…
• be an income-eligible first-time homebuyers.
• purchase a single-family home, condominium, or 2-, 3- or 4-family property that will be your
primary residence.
• pair DPA with an affordable MassHousing Mortgage loan to purchase your home.
• be purchasing a home in Massachusetts.
Down Payment Assistance Details
MassHousing provides down payment assistance in the form of a second mortgage loan. MassHousing-approved lenders determine which type and the amount of down payment assistance a borrower is eligible for.
DPA Option 1
an interest-free deferred payment second mortgage loan, which means that no payments are due until the property is sold, refinanced, or the first mortgage loan is paid off, at which time, the entire balance is due.
DPA Option 2
a 15-year amortizing second mortgage loan at a fixed 2% rate of interest (APR 2%), which means that the borrower makes monthly payments of principal and interest for 15 years on this second loan, in addition to the monthly payments on their first mortgage loan.
DPA Option 3
a 15-year amortizing second mortgage loan at a fixed 3% rate of interest (APR 3%), which means that the borrower makes monthly payments of principal and interest for 15 years on this second loan, in addition to the monthly payments on their first mortgage loan.
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