Lenders can provide affordable housing mortgages through MassHousing. MassHousing is a self-supporting not-for-profit public agency, who has provided more than 11 billion in financing for homebuyers and homeowners www.masshousing.com.
Buy Cities Program
The Buy Cities program combines mortgage funding from community banks and credit unions with MI Plus™ mortgage insurance from MassHousing to promote homeownership in select Massachusetts cities in conjunction with the Fall River/New Bedford Housing Partnership. Approved programs include Fall River, New Bedford, Taunton and Attleboro. MassHousing has approved specific lenders for each program.
Through Buy Cities, lenders offer long-term financing (30-year, fixed-rate loans or Long Term ARM) with no points for up to 100% of the purchase price of a new home or 100% of the current fair market value of a property for limited cash-out refinances. To qualify, borrowers must meet income and loan limits and minimum credit score requirements