Welcome to Homeownership with MassHousing, Evolve Bank & Trust, and ACB Realty, Inc.
Are you a first-time homebuyer? Evolve Bank & Trust, in collaboration with ACB Realty, Inc., is here to guide you through the process with MassHousing’s affordable mortgage programs designed just for you!
Eligibility Requirements:
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Income Limits: Household income must be below $191,700 per year. Income limits vary based on location and family size.
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Property Types: Eligible properties include single-family homes, condos, and 2-4 unit properties that will serve as your primary residence.
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Credit Score: Minimum credit score required is 640.
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First-Time Homebuyer: Many programs are specifically for first-time homebuyers, though some are available for repeat buyers.
Loan Programs:
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Workforce Advantage (WFA) 4.0:
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Conventional financing with no Loan-Level Price Adjustments (LLPAs).
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Up to 97% loan-to-value (LTV) financing.
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Deferred 0% second lien down payment assistance (DPA).
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NO PMI on WFA 4.0 program
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DPA of $30K
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Interest Rate: 0%.
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Terms: Deferred payment for 30 years
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Repayment: Due upon sale, refinance, or payoff of the first mortgage.
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Homebuyer Education:
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Requirement: Must complete homebuyer education with a MassHousing-approved counseling agency.
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Landlord Counseling: Required for buyers of 2-4 unit properties.
Additional Benefits:
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No Mortgage Insurance Costs: MassHousing pays the mortgage insurance premium for certain loan products.
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Closing Cost Credit: Up to $2,500 for eligible service members and veterans
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Available with both conventional and FHA financing.
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Up to 97% LTV financing.
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Affordable mortgage insurance.
Down Payment Assistance (DPA):
MassHousing offers two down payment assistance programs to help you afford your dream home:
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$25,000 Program:
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Higher income limits
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Program has PMI, but at reduced rates
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DPA of $25,000
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Interest Rate: 2%.
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Terms: 15-year fully amortized second mortgage.
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Repayment: Monthly payments due over 15 years starting on first payment due date.
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