Primary Residence Low Down Payment Options
Primary Residence Low Down Payment Options
Primary Residence
Low Down Payment Options
Achieve your dream of homeownership. We proudly offer special programs that make it easier, and more affordable, to own a home.
Primary Residence Low Down Payment Options
|
MHP ONE+ |
MHP ONE |
FHA |
Freddie Mac Home Possible |
MassHousing |
ECSB Community Heroes |
ECSB Portfolio FTHB |
|
Downpayment 1 Unit
|
3%
|
3%
|
3.50%
|
3%
|
3%
|
1%
|
5%
|
|
Downpayment 2 Units
|
3%
|
3%
|
3.50%
|
5%
|
5%
|
N/A
|
N/A
|
|
Downpayment 3 Units
|
5%
|
5%
|
3.50%
|
5% (Fixed Rate Only)
|
5%
|
N/A
|
N/A
|
|
Downpayment 4 Units
|
N/A
|
N/A
|
3.50%
|
5% (Fixed Rate Only)
|
5%
|
N/A
|
N/A
|
|
PMI Required?
|
No
|
No
|
Yes, FHA mortgage insurance premium
|
Yes, premium is discounted from standard coverage
|
Yes, charter level coverageMI Plus (mortgage payment protection)WFA program has no monthly MI (Lender paid single premium paid MassHousing)
|
Yes, standard coverage
|
Yes, standard coverage
|
|
Minimum FICO 1 Unit
|
640
|
640
|
620
|
620
|
640
|
720
|
620
|
|
Minimum FICO 2 Units
|
640
|
640
|
620
|
620
|
640
|
N/A
|
N/A
|
|
Minimum FICO 3 Units
|
660
|
660
|
620
|
620
|
640
|
N/A
|
N/A
|
|
Minimum FICO 4 Units
|
N/A
|
N/A
|
620
|
620
|
640
|
N/A
|
N/A
|
|
Income Cap
|
Yes
|
Yes
|
No
|
Yes
|
Yes
|
None
|
None
|
|
Low Interest Rate
|
Yes
|
Yes
|
No
|
Yes
|
Yes
|
Yes
|
Yes
|
|
Debt to Income Ratio
|
43%
|
43%
|
50%
|
45% - 50%
|
45%
|
41%
|
45%
|
|
Closing Costs
|
Possibly
|
N/A
|
Possibly
|
Possibly
|
$2,500 credit for eligible service members/veterans; DPA programs
|
$1,000 credit CRA
|
$1,000 credit CRA
|
|
FTHB Requirements
|
FTHB Only; CHAPA Class Certification Required
|
FTHB Only; CHAPA Class Certification Required
|
None
|
FTHB Only; FHLMC FTHB CreditSmart Homebuyer U required
|
FTHB Requirements on Some Programs; CHAPA Class Certification Required
|
FTHB Only; ECSB FTHB Counseling Certification Required
|
FTHB Only; ECSB FTHB Counseling Certification Required
|
|
Location Restrictions
|
Yes
|
Yes
|
NO
|
No
|
No
|
Yes
|
Yes
|
|
Purchase Price Limits
|
No
|
No
|
No
|
No
|
Yes
|
No
|
No
|
FTHB - First-Time Homebuyer; MI - Mortgage Insurance; PMI - Private Mortgage Insurance; WFA - Workforce Advantage Program; DPA - Down Payment Assistance; CRA - Community Reinvestment Act; CHAPA - Citizens' Housing & Planning Association; FHLMC - Federal Home Loan Mortgage Corporation, a.k.a Freddie Mac