--- title: Massachusetts First-time Homebuyers Should Consider MassHousing description: Many homebuyers mistakenly think that MassHousing loans are only available to low-income first-time homebuyers in Massachusetts. Although there are income limits and loan limits, homebuyers are often surprised by how much a borrower can earn and borrow and still qualify for a MassHousing Mortgage. image: https://info.buyersbrokersonly.com/hs-fs/file-24469569-jpg/images/happy_couple_couch.jpg --- (978) 835-5906             [![Search Icon](https://info.buyersbrokersonly.com/hs-fs/hubfs/Search%20Icon.png?width=30&height=30&name=Search%20Icon.png)](https://info.buyersbrokersonly.com/search-results-page) [![Buyers Brokers Only, LLC – Real Estate Buyer Agents](https://info.buyersbrokersonly.com/hs-fs/hubfs/2023%20BBO%20Logo%20800x170.png?width=1600&height=340&name=2023%20BBO%20Logo%20800x170.png "Buyers Brokers Only, LLC – Real Estate Buyer Agents")](https://www.buyersbrokersonly.com/) # Massachusetts Home Buyer Guide ![smaller-dotted-line.png](https://cdn2.hubspot.net/hub/298849/file-263826832-jpg/true_gray_line_websites.jpg?width=1175&name=true_gray_line_websites.jpg "smaller-dotted-line.png") ## [Massachusetts First-time Homebuyers Should Consider MassHousing](https://info.buyersbrokersonly.com/blog/bid/242734/first-time-home-buyers-in-massachusetts-should-consider-masshousing) Jan 13, 2017 6:34:00 PM Many homebuyers mistakenly think that MassHousing loans are only available to low-income [first-time homebuyers](https://www.buyersbrokersonly.com/buying/first-time-home-buyer-programs) in Massachusetts. Although there are income limits and loan limits, homebuyers are often surprised by how much a borrower can earn and borrow and still qualify. ![Happy Homebuyers Who Used a MassHousing Mortgage](https://info.buyersbrokersonly.com/hs-fs/hubfs/images/woman-renovating-man-in-background.jpg?width=400&name=woman-renovating-man-in-background.jpg "Happy Homebuyers Who Used a MassHousing Mortgage")The income limits vary by Massachusetts county. For example, a borrower or borrowers may have income as high as $126,900 (as of December 27, 2016) in Essex, Middlesex, Norfolk, Plymouth and Suffolk counties. The income limit in Worcester County is $105,975 and $98,685 in Bristol County. The loan for a single-family home can be as high as $424,100 and more for multi-unit homes (two-family home: $543,000 and three-family home: $656,350). MassHousing even provides a low down payment loan that doesn't require the borrower to pay monthly mortgage insurance premiums. Not having to pay monthly mortgage insurance premiums can save home buyers hundreds of dollars *every* month and thousands over the life of the loan. The MassHousing mortgage without mortgage insurance will have a slightly higher [interest rate](https://info.buyersbrokersonly.com/blog/topic/mortgage-rates-news) than a MassHousing mortgage with mortgage insurance.  To qualify for MassHousing's "No MI" ([mortgage insurance](https://www.buyersbrokersonly.com/buying/mortgage_insurance)) loan program, a homebuyer must meet the income and loan limit guidelines, purchase a 1- to 4-family property, have good credit (at least a 660 [credit score](https://info.buyersbrokersonly.com/blog/5-credit-score-misconceptions-homebuyers-should-know-the-truth-about) for 5 percent down payment and 680 for 3 percent down loans) and attend a first-time homebuyer education course.   For those borrowers that choose a MassHousing mortgage with mortgage insurance, MassHousing's mortgage insurance is quite unique. MassHousing offers buyer-paid mortgage insurance and lender-paid mortgage insurance. Regardless of which type of mortgage insurance a homebuyer chooses, all loans insured by MassHousing feature "MI Plus," a practical borrower protection that helps pay your mortgage if you lose your job. MI Plus  - Covers principal and interest payments for up to six months (up to $2,000/month). - Comes at no added cost on loans insured by MassHousing. - May be used for any six months during the first 10 years of the loan. A MassHousing Mortgage with Rehabilitation can help you purchase and rehabilitate a property, or refinance and rehabilitate your current home. The loan terms include the follow: - The minimum rehabilitation amount for all property types is $7,500. - Rehabilitation costs include the cost of repairs, as well as such expenses as inspection fees, title update fees, and a required contingency reserve equal to 10 percent of the total rehabilitation cost. - If the property will not be occupied during rehabilitation, a mortgage payment reserve not to exceed six mortgage payments may be included in the cost of rehabilitation. - The lender may charge fees as high as $1,500, based on the cost of rehabilitation. - Licensed contractors must complete all rehabilitation work. 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