MassHousing - MassHousing Loan Program

• May be used to purchase condominiums and 1- to 4-family homes.
• Up to 97% financing, 30-year fixed rate payments.
• No first-time homebuyer restrictions.
• Earn up to $93,555
• Ample loan limits ($417,000/1-Family, $533,850/2-Family, $645,300/3-Family, $801,950/4-Family).
• Lower monthly mortgage insurance costs.
• Mortgage insurance, if needed, carries up to 6 months of mortgage payment protection if a job loss or layoff occurs.
• $150.00 grants to be used for closing costs.

Some of the Buy Springfield Now Participating Lenders have agreed to participate as a MassHousing lender. This means they will originate and process a MassHousing Loan for you in some cases at a lower interest rate than anywhere in Massachusetts and provide you with all the stability and features of the MassHousing Loan Program.

*After your loan closes with the participating lender, your loan payments will be made to MassHousing, a trusted customer-oriented, service provider.

Participating Lenders for the MassHousing Mortgage Program:

•  Hampden Bank
•  Peoples Bank
•  Florence Bank
•  Country Bank

Home for the Brave Loan Program

• 100% financing; no down payment required.
• Extended term fixed-rate financing.
• Loans may be used to purchase or refinance a home; you do not need to be a first-time homebuyer to qualify.
• Loans feature mortgage insurance with MI Plus, a unique protection that helps pay the mortgage in case of job loss or deployment.
• Funds are available through the Veterans Administration for accessibility upgrades.
• Up to $1,500.00 in grant money to be used for closing costs.

MassHousing’s Home for the Brave loan program provides affordable, no down payment mortgages for veterans of the U.S. Armed Services living in Massachusetts.

Any Springfield Now homebuyer who is a qualified veteran or active member of the military who buys a home with a Participating Lender portfolio loan with MassHousing mortgage insurance will receive a $1,500 closing cost assistance grant.

Visit the Home for the Brave website.

Participating Lenders for the Home for the Brave Loan Program:

• Hampden Bank
• Peoples Bank
• Country Bank
• Florence Bank