Mortgage Master, Inc. is proud to offer affordable home loan programs with low down payment options for owner-occupied properties to encourage homeownership in the Commonwealth of Massachusetts.

As an approved MassHousing lender, Mortgage Master is able to offer down payment financing options as low as 3% at competitive interest rates with discounted or even no monthly mortgage insurance.

And for those that do not qualify for Mass Housing loans, Mortgage Master still can offer other attractive loan programs with a 3.5% – 5% down payment with only a slightly higher total monthly payment.

Simply put, Mortgage Master has become the #1 ranked lender by loan volume by offering the best affordable home loan programs for first-time and repeat homebuyers in Massachusetts.

Mass Housing Loan Highlights

  • As little as a 3% down payment for a single family home or condominium with no cash required from the borrower
  • As little as a 5% down payment for 2 – 4 unit properties with rental income allowed to be counted towards qualification
  • Credit score as low as 640 for 20% down payment, 660 for 5% down payment and 680 for 3% down payment
  • No pricing adjustments – same rate regardless of FICO, property type, LTV, etc.
  • Fixed monthly mortgage payment for the life of the loan
  • Discounted or no monthly mortgage insurance at competitive mortgage rates
  • Income limits as high as $128,790 (depending on county)
  • Loan amounts as high as $417,000 for single family home or condominium

Click to learn more about Mass Housing loan programs.

FHA Loan Highlights

  • As little as a 3.5% down payment for a single family home or condominium and 2 – 4 unit properties
  • Credit score as low as 620 allowed
  • Rental income from multi-unit properties allowed to be counted towards qualification
  • Fixed and adjustable rate mortgage (ARM) options
  • No income limits
  • Loan amounts as high as $729,250 (depending on county) for single family home or condominium

Click to learn more about FHA loan programs.

Low Down Payment Mortgage Highlights

  • As little as a 5% down payment for a single family home or condominium
  • As little as a 5% down payment for a 2 unit property or a 10% down payment for  3 – 4 unit properties
  • Credit score as low as 660
  • Rental income from multi-unit properties allowed to be counted towards qualification
  • Fixed and adjustable rate mortgage (ARM) options
  • No income limits
  • Discounted mortgage insurance available for low to moderate income borrowers
    • Income limits as high as $123,120 (depending on county)
  • Loan amounts as high as $417,000 for single family home or condominium

Click to learn more about low down payment mortgage programs.

SPECIAL ANNOUNCEMENT

Special Limited Time Refinance Program for Underwater Mass Housing Homeowners

Mass Housing loans are often the best choice for homeowners looking to refinance who have lost equity due to declining home values, but the standard maximum loan-to-value ratio is limited to 97%.

Fortunately the government has recently launched a new underwater mortgage refinance program, known as the Home Affordable Refinance Program (HARP), to help upside down homeowners whose loans are owned by Fannie Mae or Freddie Mac.

Effective May 1st, 2012, the agency is participating in this effort with its own version program which allows responsible homeowners to take advantage of refinancing with no equity restrictions at all.

Click to learn more about the Mass Housing DU Refi Plus program.

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