Affordable Mortgages Side-by-Side
Both MHP and MassHousing offer great options to first time home buyers! They offer more helpful features, financial assistance, and cost savings compared to most conventional loans, so ask your lender about MHP and MassHousing loans!
Please note this is general information. Specific program details and offerings can vary. Your individual income, asset, and credit circumstances will impact which products you are eligible for. This is not a guarantee of credit. Please visit the MHP or MassHousing websites for more information or contact an MHP lender or MassHousing lender directly to see if you qualify.
Product Features | MHP ONE | MassHousing Loans | Conventional |
|---|---|---|---|
Fixed interest rate, 30-year repayment terms | a | a | a |
No PMI | a | a | - |
Down payment assistance | a | a | - |
Job-loss protection | - | a | - |
Discounted interest rate | a | - | - |
Extra assistance for eligible buyers to lower monthly payments | a | - | - |
Combined renovation and purchase loan available | - | a | - |
Expanded subsidy for City of Boston buyers | a | - | - |
Expanded subsidy for current residents of 29 cities across the state | a | - | - |
Basic Eligibility Criteria
MHP ONE | MassHousing Loans | |
|---|---|---|
| Income limits | Up to $165,400 for a household of 4 people in metro Boston; may be higher or lower for different household sizes or if outside metro Boston region; see details here | Up to $205,355 for any size household. Income limits vary by county. |
| Minimum credit score | As low as 640 | As low as 640 |
| Minimum down payment | Minimum of 3% of purchase price, down payment assistance can be used toward the minimum | No minimum on single family purchases; borrower must contribute 3% of purchase price, from their own funds, for 2-4 unit properties.” |
| Must be buyer’s primary residence | Yes | Yes |
| Asset limit | $100,000 | None |
| First time homebuyer class required | Yes | Yes |