Refinance Through MassHousing

Besides great first-time home buyer programs, MassHousing offers a program that allows you to refinance your scary adjustable rate mortgage or a fixed-rate mortgage that is simply too high. The following information is from the MassHousing Web site.

MyCommunity Refinance Loans

Refinancing your mortgage through MassHousing can save you money and reduce the risk of high payments in the future.

How to Apply

MassHousing/MyCommunity refinance loans are originated by participating lenders. For more information or to apply, contact me for a participating lender.

Program Details

MassHousing/MyCommunity Refinance loans offer a number of benefits:

• 30-year or shorter repayment terms
• Fixed interest rates, meaning your payment will always remain the same
• Choose to pay no points (1 point = 1% of the loan)
• Closing costs can be rolled into the loan
• Discounted mortgage insurance for lower-income borrowers
• Loans serviced by MassHousing
• Maximum loan amounts of up to $417,000 for single-family homes and condominiums (higher loan amounts apply for 2-, 3- and 4-family homes)

Income Limits and Other Restrictions

• Borrowers must meet income limits, which vary by community.
• Loans may be used to refinance mortgages on condominiums and 1- to 4-family homes
• Borrowers can refinance

1. 100% of the appraised value of single-family homes and condominiums
2. 97% of the appraised value of 2-family homes
3. 95% of the appraised value of 3- to 4-family homes

• Borrowers must be U.S. citizens or lawful permanent residents of the United States

Please do not hesitate to contact me for more information about first-time home buyer programs and referrals to mortgage brokers and lenders that participate in MassHousing programs.