NMLS# 1557 | ML 1557 (LENDER)
Newsletter 2023 V2 Article - Credit Union News
New MassHousing Partnership
UMassFive is pleased to announce that we are now offering MassHousing loans though our partnership with Member Advantage Mortgage to make buying a home more accessible to our membership.
MassHousing, an independent agency, works to provide affordable housing to Massachusetts residents offering proprietary products including down payment assistance, affordable straight-forward terms, and unique mortgage insurance. Since its origination, MassHousing has helped more than 70,000 Massachusetts residents buy a home in the Commonwealth.
purple
Affordable rates, straightforward terms
MassHousing offers fixed-rate loans with no hidden fees, no adjustable rates, and no surprise costs. These easy-to-understand terms are one reason why first-time homebuyers are encouraged to look into MassHousing loans.
Down payment assistance
Saving for a down payment is often the biggest hurdle for those looking to finance a home. MassHousing offers down payment assistance of up to $50,000, which means buyers spend less time saving for—and reaching—their homeownership goals. Down payment assistance amounts and eligibility are based on several factors, including where you live.
Unique mortgage insurance with payment protection
MassHousing offers a one-of-a-kind mortgage insurance called MIPLUS. This offers mortgage payment protection if you are unable to make payments due to a loss of employment.
How to determine if you're eligible to apply for MassHousing:
The best way to find out if you’re eligible is to speak with our mortgage loan officer, Gary Talbot, but you can get a head start on the conversation by answering the following questions:
- Do you earn less than $179,955?
- Are you in the market to buy a single-family home, condo, or 2–4 family property in Massachusetts?
- Will the home be your primary residence?
purple