A Home for the Brave Program

A Home for the Brave Program This Massachusetts down payment program is for – veterans of the U.S. armed services and active duty military get an affordable mortgage with a low Massachusetts down payment. Spouses of soldiers, sailors or Marines killed in active duty also are eligible. Massachusetts borrowers do not have to be first time home buyers, but they may not own more than one home upon closing. Financing of up to 97 percent is available for single family homes and condominiums. Financing of 95 percent is available for two , three and four family homes. Closing cost assistance also is available. In addition, grants from the Veterans Administration are available for disabled veterans who need to make accessibility upgrades.

Purchase and Rehabilitation Loan Program

Purchase and Rehabilitation Loan Program This Massachusetts down payment program Massachusetts borrowers can get a loan that covers both purchase and home rehabilitation costs. Participants must meet income and purchase price requirements, and are required to make a 3 percent Massachusetts down payment. The maximum loan amount is 97 percent of the purchase price, plus rehabilitation costs or the home’s estimated value after the work is finished, whichever is less. There is a $7,500 minimum rehabilitation amount. Rehabilitation costs include cost of repairs, inspection fees, title update fees and required contingency reserve equal to 10 percent of the total rehabilitation cost.

MassHousing Mortgage with No MI

MassHousing Mortgage with No MI This Massachusetts down payment program Massachusetts borrowers get an affordable fixed rate, 30 year mortgage loan that does not require mortgage insurance. Massachusetts borrowers must make Massachusetts down payments of 3 percent for single family homes and condominiums, and 5 percent on two to four family homes. Massachusetts borrowers must meet income, credit and loan limit guidelines.