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MassHousing:
Serving the Massachusetts Community
Mid-Island Mortgage Corp. is now an approved
lender of MassHousing’s MassAdvantage™ family of affordable
home loan products to low- and moderate-income homebuyers.
What is MassHousing?
MassHousing, a
quasi-public authority charged with increasing affordable home
ownership opportunities
in Massachusetts, does not originate its own loans. As a MassHousing-approved
lender, Mid-Island Mortgage Corp. will be able to originate MassHousing’s
MassAdvantage™ home mortgage loans for income-eligible homebuyers
in Massachusetts. These loans have low- and no-down payment options
and below-market interest rates that can save homeowners hundreds
of dollars a year and thousands of dollars over the life of the
loan.
Borrowers who put less than 20 percent down on a home receive MassHousing’s
MI Plus™, an enhanced mortgage insurance policy that helps
pay the borrower’s mortgage for up to six months in the event
they lose their job. Mid-Island Mortgage Corp. offer MassHousing’s
MyCommunity™ loans for borrowers with more moderate incomes
who earn too much to qualify for MassAdvantage™ loans.
MassAdvantage:
For First Time Home Buyers
Eligible first-time homebuyers* can take advantage of 30 to
40-year, below-market, fixed-rate financing for the purchase
of condominiums or one- to four-family homes. Borrowers may
finance up to 97% of the sales price or the appraised value
whichever is less.
Features
- Low interest, fixed-rate mortgage products
- Discounted interest rate and mortgage insurance for borrowers
making less than 80% AMI
- MI Plus – Mortgage insurance that offers payment
protection to every borrower
- Purchase Prices higher than Fannie Mae loan limits
- Conventional appraisal guidelines – no FHA appraisal
and no home inspection required
- Non-Traditional Credit allowed
Benefits
- A trusted name in the mortgage industry with
safe, fixed-rate mortgage products for homebuyers statewide
- Outstanding,
local, loan servicing with over 35 years of experience
in serving Massachusetts borrowers
- Borrowers achieve sustainable homeownership and realize
the American dream of owning a home
- Exclusive, no-cost mortgage payment protection insurance
included with MI Plus, MassHousing’s mortgage insurance
product
Advantages
- Pre-Approvals direct from MassHousing – good for
90-days
- Flexible, common sense underwriting through automated
underwriting system direct from lender to MassHousing
- Flexible condo and multi-family underwriting guidelines
- Continuous funding that lender can reserve 24 hours a
day
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MyCommunity:
For Home Owners and Home Buyers - up to 100% financing
The MyCommunity Mortgage is a financing solution for low- and
moderate-income homebuyers and a refinancing solution for existing
homeowners. It offers low down-payment options and fixed-rate
financing, and is a good choice for borrowers looking for a
safe purchase or refinance option.
Features
- Up to 100% financing with no cash required on
single families and condos
- No first-time homebuyer restriction
- Maximum income limit
as high as $113,940 (varies by city or town)
- 30- and 60-
day rate locks available
- No purchase price limit (subject
to Fannie Mae loan limits)
- Approved community second mortgages
are allowed
- Eligible prepayment penalties on existing mortgages
may be included in the loan
Benefits
- One fixed monthly payment for the life of the loan
- Mortgage
insurance, when required, carries mortgage payment protection,
so borrowers are covered if they are
ever unemployed
- After closing, your loan payment will be
made to MassHousing, a customer oriented service provider
- MassHousing
is a lender you can trust
Advantages
- Competitive interest rates
- Lower monthly payment with
low mortgage insurance coverage requirement
- Even lower monthly
mortgage insurance costs for low-income borrowers
- Limited
cash-out refinance
- Safe, fixed-payment, refinance solution
for qualified borrowers
- Quick decision made with oversight
by MassHousing
- Option for buyout of existing lien holder
in the case of a divorce or legal separation
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