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

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