---
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.
---

[Massachusetts Home Buyer Guide, First-time Homebuyer Tips, Advice MA ](https://info.buyersbrokersonly.com/blog)

# [Massachusetts First-time Homebuyers Should Consider MassHousing](https://info.buyersbrokersonly.com/blog/bid/242734/first-time-home-buyers-in-massachusetts-should-consider-masshousing)

 Written by [Rich Rosa](https://info.buyersbrokersonly.com/blog/author/rich-rosa) | Jan 13, 2017 11:34:00 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.

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.

A [mortgage professional that handles MassHousing loans](https://www.buyersbrokersonly.com/loan.htm) can provide the latest information and guidelines, as well as provide guidance about which MassHousing mortgage may be the best fit for your particular situation. 

[View full post](https://info.buyersbrokersonly.com/blog/bid/242734/first-time-home-buyers-in-massachusetts-should-consider-masshousing)

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