In June of 2013 the Commonwealth of Massachusetts announced the creation of a homeownership compact, with the goal of bringing lenders together to provide 10,000 mortgage loans to first-time home buyers over five years. The compact included a commitment among participating lenders to originate a specific number of loans through MassHousing and the Massachusetts Housing Partnership (MHP) home loan programs.
As part of the effort to provide Massachusetts first-time home buyers with lower and moderate incomes an opportunity to own a home, the state launched a new Web site to provide potential home buyers information about MassHousing mortgages and the MHP One Mortgage.
The Massachusetts Department of Housing and Economic Development announced MyMassMortgage.org on August 2014. The Web site was developed by Citizen’s Housing and Planning Association (CHAPA) and is a joint marketing effort between MassHousing and the Massachusetts Housing Partnership.
Since the creation, 26 mortgage lenders have signed onto the Massachusetts Homeownership Compact, and move than 1,000 loans have been made to low- and moderate-income first-time home buyers, according the administration of Governor Deval Patrick. In addition, the Patrick Administration has said that improving the state's housing supply is a priority.
Massachusetts first-time home buyers also have options through federal government home loan programs, such as VA Loans and USDA Rural Development Loan. It's important to speak with an experienced mortgage professional in order to understand which mortgage programs you may qualify for and are a good fit for your particular circumstances.