Article Courtesy of: MassHousing

Do you know about MassHousing? If not, you will want to get to know this state-sponsored lender that helps low- and moderate-income first-time home buyers. MassHousing is an affiliate member of the GBAR and Natasha Boye and Angelo Nuby are frequently out in the community spreading the word about MassHousing.

Over the past year, MassHousing has provided more than $800 million in first mortgage financing for 3,000 home buyers. MassHousing has been making loans to first time buyers since the 1970s. More than 90,000 homeowners across Massachusetts have used a MassHousing loan to finance their purchase.

MassHousing has a strong and growing commitment to empowering home buyers of color and helping them achieve generational wealth through homeownership. MassHousing makes more than 30% of its loans to borrowers of color and seeks to increase that dramatically over the next five years.  

Why would a REALTOR® recommend a MassHousing loan over a conventional loan? A few reasons.  

First, MassHousing has the most generous down payment assistance of any lender in Massachusetts.  Qualified buyers can receive down payment assistance of up to 5% of the purchase price or $25,000 (whichever is less) if they purchase in Boston or one of the Gateway Cities.* For other communities, down payment assistance of up $15,000 is available. Down payment funds must be used with a MassHousing loan.

Second, MassHousing is the only lender that offers job loss protection to borrowers who become unemployed. This unique protection comes at no extra cost to borrowers who obtain MassHousing’s MIPlus ® mortgage insurance. It helps cover principal and interest payments of up to $2,000 per month for as many as six months. 

Interest rates are fixed for the life of the loan, which gives the first-time buyer peace of mind. Loans are serviced by MassHousing staff, not by an anonymous, out-of-state mega-servicer. MassHousing’s public mission is sustainable home ownership for the long term, and customer service staff take time to help first-time homeowners manage their payments whenever an issue arises.

MassHousing loans are originated by dozens of mortgage lenders, banks and credit unions across the state. No doubt you already have relationships with many of these MassHousing lenders. 

Latisha Steele of Boston is a great MassHousing success story.  Latisha had looked on and off for a home of her own for five years. Now, thanks to her persistence, and help from a small but expert homebuying team and MassHousing, she's happily settled into a new townhome in Boston's Mattapan neighborhood.

"The experience was wonderful," Latisha said. "I'm so glad that MassHousing is there to help people like myself purchase a home."

Latisha purchased her home using an affordable MassHousing Mortgage. She used MassHousing's Down Payment Assistance program along with down payment assistance from the City of Boston. She closed on her home with minimal initial costs, and paid off her mortgage insurance with a single, upfront premium. Because the loan is insured by MassHousing, Latisha still gets the added peace of mind that comes with MI Plus mortgage payment protection.

Be sure to tell your first-time buyers about MassHousing loans. In today’s hot market, they need every advantage they can get. The down payment assistance and job loss protection make all the difference for buyers who feel the pressure when it comes time to make an offer. 

Since MassHousing is a mission-oriented lender who puts people before profits, REALTORS® who recommend MassHousing loans will strengthen the bonds of trust they have with their clients. And that leads to future referrals and more business. 

For more information check out www.masshousing.comFacebook, Twitter or LinkedIn or call the relationship manager team at 1-888-843-6432 or email them at homeownership@masshousng.com.

Join MassHousing for a special upcoming event:  MassHousing and Freddie Mac invite you to attend "The State of the Market in Massachusetts," a free online event being held Tuesday, June 15 from 10:00 a.m. to 11:30 a.m. Click here for more information and to register.

*The Gateway Cities are Attleboro, Barnstable, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Revere, Salem, Springfield, Taunton, Westfield, and Worcester.

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