Homeownership with MassHousing, Evolve Bank & Trust, and ACB Realty, Inc.

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!

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Eligibility Requirements:

  • Income Limits: Household income must be below $191,700 per year. Income limits vary based on location and family size.
  • Property Types: Eligible properties include single-family homes, condos, and 2-4 unit properties that will serve as your primary residence.
  • Credit Score: Minimum credit score required is 640.
  • First-Time Homebuyer: Many programs are specifically for first-time homebuyers, though some are available for repeat buyers.

Loan Programs:

  • Workforce Advantage (WFA) 4.0:
    • Conventional financing with no Loan-Level Price Adjustments (LLPAs).
    • Up to 97% loan-to-value (LTV) financing.
    • Deferred 0% second lien down payment assistance (DPA).
    • NO PMI on WFA 4.0 program
    • DPA of $30K
    • Interest Rate: 0%.
    • Terms: Deferred payment for 30 years
    • Repayment: Due upon sale, refinance, or payoff of the first mortgage.

Homebuyer Education:

  • Requirement: Must complete homebuyer education with a MassHousing-approved counseling agency.
  • Landlord Counseling: Required for buyers of 2-4 unit properties.

Additional Benefits:

  • No Mortgage Insurance Costs: MassHousing pays the mortgage insurance premium for certain loan products.
  • Closing Cost Credit: Up to $2,500 for eligible service members and veterans
  • Available with both conventional and FHA financing.
  • Up to 97% LTV financing.
  • Affordable mortgage insurance.

Down Payment Assistance (DPA):

MassHousing offers two down payment assistance programs to help you afford your dream home:
  • $25,000 Program:
    • Higher income limits
    • Program has PMI, but at reduced rates
    • DPA of $25,000
    • Interest Rate: 2%.
    • Terms: 15-year fully amortized second mortgage.
    • Repayment: Monthly payments due over 15 years starting on first payment due date.

FAQs

How much can I afford to spend on a home?
  • Assess your income, monthly expenses, and debt. Housing costs should not exceed one-third of your income.
What’s the difference between affordability and eligibility?
  • Affordability: Relates to whether a home fits within your budget.
  • Eligibility: Relates to meeting the program criteria such as income and credit requirements.
How much money will I need for a down payment?
  • MassHousing provides up to $30,000 in down payment assistance (program specific). Additional funds may be needed for an earnest money deposit and closing costs.
What are closing costs?
  • Closing costs include fees for inspections, appraisals, title searches, and other services. They can add up to 3-5% of the home's purchase price.
What are some other costs of owning a home?
  • Maintenance, repairs, and property taxes are ongoing costs that homeowners should budget for.
What are mortgage reserves and how do they work?
  • Reserves are funds set aside to cover mortgage payments in case of financial difficulties. Lenders often require proof of reserves equivalent to two months of mortgage payments.
Do I need an emergency fund?

Yes, it is advisable to have an emergency fund for unexpected home repairs and maintenance

Can I apply for a MassHousing loan directly?
  • MassHousing loans are processed through approved lenders. Contact a MassHousing-approved lender to apply.