Affordable and First-Time Home Buyer Programs

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MassHousing Loans

Monson Savings Bank is proud to partner with MassHousing to provide affordable mortgage financing options to first-time and repeat home buyers. Our MassHousing Loans are aimed at assisting our Massachusetts neighbors to achieve their dream of homeownership. Income and other restrictions apply.¹

Features:

• Down Payment Assistance for up to $30k for qualified income-eligible first-time homebuyers
  
  
• Mortgage Insurance with expanded benefits to cover housing expenses in the event of job loss²
  
  
• Affordable fixed interest rates with various repayment terms available
  
  
• Flexible underwriting and income limits to support qualifying more MA families

Monson Savings Bank also offers additional MassHousing to support existing homeowners, including:

• Septic Repair Loans 
• Energy Saver Home Loans 
• Home Improvement Loans 

¹Maximum income limits apply. First-time home buyer class and landlord counseling required, if applicable. FICO score minimum as low as 640. Each of the programs available have other restrictions that may apply. Contact us for more information.

²MI Plus™ borrower protection is included with MassHousing loans at no additional cost. MI Plus™ pays a borrower’s principal and interest for six months (up to $2,000/month) if they become unemployed.

Fannie Mae HomeReady® Loan

With expanded flexible financing and low-down payment options, the HomeReady® mortgage can be an ideal solution for first-time and repeat homebuyers. Other restrictions apply.²

Features:

• Down payment as low as 3% on purchases
  
  
• $2,500 credit for down payment or closing costs for income-eligible first-time homebuyers³
  
  
• Cancellable and reduced mortgage insurance options⁴
  
  
• Flexible sources of funds for down payment and closing costs
  
  
• Competitive fixed-rate loans 

²Maximum income and loan amount limits apply. Purchases and no-cash-out refinances only, primary residences only. Maximum loan-to-value (“LTV”) is 97% for one-unit properties.  Maximum LTV is 85% for 2-unit properties. Maximum LTV is 75% for 3- and 4-unit properties. First-time home buyer class and landlord counseling required, if applicable. Other restrictions may apply

²The credit can be used for down payment, closing costs and Mortgage Insurance premiums—for home purchases only—when borrower income is 50% or less of Area Median Income (AMI) of the property location.

⁴When a grant from the lender is used, a minimum borrower contribution of 3% must be made from either the borrower’s funds or another acceptable source.

{openTab} Our experienced, knowledgable and friendly Residential Lenders are ready to help you meet your home financing goals.