New Mass Housing Program
Features
No Mortgage Insurance
MassHousing recently launched a new mortgage program that features Low Down Payments, as little as 3% down with No Mortgage Insurance! This product provides financing (purchase or refinance) up to 97% of the appraised value of the home without the hefty mortgage insurance payments that are typically associated with low down payment programs.
This special program is available for owner occupied; one to four family properties including condominiums on both purchase and refinance transactions. With a low fixed rate, down payment can be a gift on single family homes. The MassHousing Mortgage with No Mortgage Insurance is a great choice for low and moderate income homebuyers.
Call me to learn why this innovative program is an attractive alternative to an FHA mortgage! Remember, this program allows for the same low down payment options as FHA with no mortgage insurance and in-house condo approvals!!
Features
o As little as 3% down on single-family homes and condos
o As little as 5% down on 2, 3 and 4-family homes
o No mortgage insurance required
o Income limits as high as $123,660 in many cities and towns
o Fannie Mae loan limits apply, borrower up to $417,000
o Approved community second mortgages allowed
Advantages
o Gift funds can be the source of the down payment on single family homes
o The interest rate will never increase
o Competitive fixed rates
o Safe, fixed-rate limited cash-out refinance option
Call me anytime with questions about this new program or for a consultation with your clients regarding this innovative financing option!
Sincerely,
Bill Nickerson
Loan Officer NMLS# 4194
Mortgage Network, Inc.
179 Great Road
Acton MA 01720
978-399-1313 office
978-268-5023 fax
978-273-3227 cell
Massachusetts Licensed Lender & Broker MC2668
