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

-

-

 

Basic Eligibility Criteria

 

MHP ONE

MassHousing Loans

Income limits

Up to $179,955 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 $157,950 for any size household in metro Boston; lower outside metro Boston region

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

Minimum of 3% of purchase price, down payment assistance can be used toward the minimum

Must be buyer’s primary residence

Yes

Yes

Asset limit

$75,000

None

First time homebuyer class required

Yes

Yes