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mcgoogz t1_j2o1yu5 wrote

what's the purpose of these programs exactly as opposed to using your bank? i'm looking into buying my first home soon

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ElementLX t1_j2rvcp5 wrote

For down payment assistance, lower interest rates depending whom you go with as well as no pmi are a few I can think of the top of my head and only certain cities qualify, outside of this specific cities, the programs might be limited but still help

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MgFi t1_j33xpdf wrote

One nice thing about some MassHousing loans is that they come with PMI+, which is their own program which will cover your mortgage payment for up to 6 months if you lose you job. Obviously nobody wants to pay PMI...but if you have to then this is a nice feature of the program.

Another nice feature is that MassHousing will always be the servicer of your loan, even if they sell the loan on. So you will always be paying MassHousing, and you'll always be able to call them for assistance, which is a nice benefit given some of the stories I've seen about some for-profit loan servicers.

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