Get help with a MassHousing Loan.
If you are a homeowner who may be at risk of a loan resetting to a higher interest rate and want to refinance it, or if you want a loan to make energy updates to your home or to “improve it” then you can look into various MassHousing loans. There are few different options that homeowners in Massachusetts can explore. There is also help for borrowers that have a current MassHousing loan as noted below.
These loans will provide borrowers with the ability to refinance a current loan or borrower more money for things like a septic tank, home improvements / updates and more. The mortgage will be generally be fixed-rate with different amounts issued based on the loan type needed.
For most of the offerings, MassHousing will be the loan servicer. They can also provide help with paying closing costs as well as offer a no-point option. Of course all of these programs depend on the use of the money, the borrowers income and credit history as well as other factors. They do what they can to limit all fees and extra costs during the process.
Details of MassHousing loan programs
MassHousing now offers a Refinance and Renovate loan as well as various products for different home upgrades or repairs. The programs allow homeowners to refinance their mortgage. The resulting funds can be used by the homeowner to finance repairs, upgrades, or improvements to their home. Using MassHousing for those sort of funding has several benefits including the following:
- Competitive fixed interest rates
- No hidden fees
- Renovation funds available immediately with no no out-of-pocket costs for applying or closing the loan.
- Serviced directly by MassHousing
- Usable for projects ranging from minor updates to significant renovations like adding living space
There are other different loan options available. As far as MassHousing loans to help with major or minor repairs or improvements to a home, there are different options. They include Get the Lead Out, Refinance and Renovate, Energy Saver Loans as well as general home improvements. There are also other Energy Efficient Mortgages too for homeowners.
There are some program conditions. Including income thresholds, as only low and moderate income families or individuals will be able to apply for this program. The applicant must also have decent credit history. MassHousing retains the servicing of the mortgage and they will be the company that you deal with on a monthly basis and you will need to make payments to them.
Current MassHousing borrowers that are having trouble keeping up with their payments have options too. There are various foreclosure prevention services available for borrowers, including some offered directly by MassHousing and others by partners.
One program, known as MI Plus, is for Unemployed MassHousing borrowers that unexpectedly lost their income. It can be combined with other Low-income assistance programs in MA. There is a option called the Mortgage Payment Protection Benefits when MassHousing is the insurer. In effect the organization will try to help the homeowner find a solution while their income has gone down or stopped.
Other foreclosure prevention is arranged too. Struggling homeowners of MassHousing loans may have access to individual counseling sessions geared help with refinancing a mortgage as applicable. There are escalation programs, mediation services, partnerships with HUD and so much more. Clients may be enrolled in services directly through Mass Housing.
When needed, the process will put homeowners into contact with sources of mortgage assistance. This is limited, and tends to only be an options for at-risk clients that meet income limits in place by the MassHousing partner.
Contact information for mortgage programs
Call MassHousing at 800-882-1154 to learn more about these and other options. More information on all their services are noted here too. https://www.masshousing.com.
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