Submitted by bluemola t3_101fjlr in massachusetts
Anyone have experience with MassHousing, My Mass Home, or similar programs? I’m curious if you need to work with a specific agent and how laborious the process was. Thanks in advance!
Comments
bluemola OP t1_j2n4mek wrote
Sweet. What area?
[deleted] t1_j2n4s36 wrote
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Bobbydadude01 t1_j2n9mqc wrote
I bought my first house with mass housing. They have specific lenders you can use, but you can work with any realtor.
bluemola OP t1_j2nb3zi wrote
Awesome. After you find a lender and apply with them, do they do the next steps re: sending the grant info to MassHousing? Did you also have to do the education course
Bobbydadude01 t1_j2ndsme wrote
>After you find a lender and apply with them, do they do the next steps re: sending the grant info to MassHousing?
Yes, you never actually need to interact with mass hosuing yourself. It's important to remember that most of their assistance is low interest loans. My downpayment assistance loan was 5% of my purchase price at 2% interest, BUT it's on a 15-year term.
>Did you also have to do the education course
Yes, someone on the loan needs to have completed a course. They list accepted courses on their website.
bluemola OP t1_j2nj7at wrote
Super helpful thank you!
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
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
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.
[deleted] t1_j2n3crr wrote
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