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
|
ECSB Portfolio FTHB |
ECSB Community Heroes |
MHP ONE |
MHP ONE+ |
MassHousing |
Freddie Mac Home Possible |
FHA |
|
Downpayment 1 Unit
|
5%
|
1%
|
3%
|
3%
|
3%
|
3%
|
3.50%
|
|
Downpayment 2 Units
|
N/A
|
N/A
|
3%
|
3%
|
5%
|
5%
|
3.50%
|
|
Downpayment 3 Units
|
N/A
|
N/A
|
5%
|
5%
|
5%
|
5% (Fixed Rate Only)
|
3.50%
|
|
Downpayment 4 Units
|
N/A
|
N/A
|
N/A
|
N/A
|
5%
|
5% (Fixed Rate Only)
|
3.50%
|
|
PMI Required?
|
Yes, standard coverage
|
Yes, standard coverage
|
No
|
No
|
Yes, charter level coverageMI Plus (mortgage payment protection)WFA program has no monthly MI (Lender paid single premium paid MassHousing)
|
Yes, premium is discounted from standard coverage
|
Yes, FHA mortgage insurance premium
|
|
Minimum FICO 1 Unit
|
620
|
720
|
640
|
640
|
640
|
620
|
620
|
|
Minimum FICO 2 Units
|
N/A
|
N/A
|
640
|
640
|
640
|
620
|
620
|
|
Minimum FICO 3 Units
|
N/A
|
N/A
|
660
|
660
|
640
|
620
|
620
|
|
Minimum FICO 4 Units
|
N/A
|
N/A
|
N/A
|
N/A
|
640
|
620
|
620
|
|
Income Cap
|
None
|
None
|
Yes
|
Yes
|
Yes
|
Yes
|
No
|
|
Low Interest Rate
|
Yes
|
Yes
|
Yes
|
Yes
|
Yes
|
Yes
|
No
|
|
Debt to Income Ratio
|
45%
|
41%
|
43%
|
43%
|
45%
|
45% - 50%
|
50%
|
|
Closing Costs
|
$1,000 credit CRA
|
$1,000 credit CRA
|
N/A
|
Possibly
|
$2,500 credit for eligible service members/veterans; DPA programs
|
Possibly
|
Possibly
|
|
FTHB Requirements
|
FTHB Only; ECSB FTHB Counseling Certification Required
|
FTHB Only; ECSB FTHB Counseling Certification Required
|
FTHB Only; CHAPA Class Certification Required
|
FTHB Only; CHAPA Class Certification Required
|
FTHB Requirements on Some Programs; CHAPA Class Certification Required
|
FTHB Only; FHLMC FTHB CreditSmart Homebuyer U required
|
None
|
|
Location Restrictions
|
Yes
|
Yes
|
Yes
|
Yes
|
No
|
No
|
NO
|
|
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