With the announcement from Fannie Mae of increased loan limits for 2018. Not only are the Fannie Mae loans benefitting, so are the MassHousing loans! Did you know that Mass Housing (MHFA) loans are a safe and affordable alternative to FHA Mortgages. Did you know the Mortgage Insurance for FHA never goes away! Mass Housing still offers its mortgage program that features Low Down Payments, as little as 3% down with No Mortgage Insurance! This product provides financing (purchase or refinance) up to 97% of the appraised value of the home without the hefty mortgage insurance payments that are typically associated with low down payment programs. MHFA follows Fannie Mae Guidelines, which means the traditional loan limit is $453,100!
This special program is available for owner occupied; one to four family properties including condominiums on both purchase and refinance transactions. With a low fixed rate, the down payment can be a gift on single family homes. The MassHousing Mortgage with No Mortgage Insurance is a great choice for low and moderate income homebuyers.
The 2018 Fannie Mae Loan Limits
- 1 Family Loan Amount of $453,100
- 2 Family Loan Amount of $580,150
- 3 Family Loan Amount of $701,250
- 4 Family Loan Amount of $871,450
Features of the Mass Housing Loans for 1 to 4 family homes
- As little as 3% down on single-family homes and condos
- As little as 5% down on 2, 3 and 4-family homes
- 3 and 4 Family require 700 Credit Score
- No mortgage insurance required
- Income limits as high as $123,660 in many cities and towns
- Fannie Mae loan limits apply, borrower up to $453,100
- Approved community second mortgages allowed
- Credit scores as low as 660 (additional conditions may apply)
- Gift funds can be the source of the down payment on single family homes
- The interest rate will never increase
- Competitive fixed rates
- Safe, fixed-rate limited cash-out refinance option
Call me to learn why this innovative program is an attractive alternative to an FHA mortgage! Remember, this program allows for the same low down payment options as FHA with no mortgage insurance.