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Great News for Massachusetts Home Buyers

Posted by:  Chip Poli
2012-08-22 10:41:05

Buying a home in Massachusetts just got easier and less expensive!

Poli Mortgage Group, Inc. is dedicated to providing low cost financing options for Massachusetts first time home buyers. Through numerous programs such as FHA, USDA, VA and Conventional financing we already had the ability to underwrite first time home buyer programs with incredibly low interest rates and minimum down payment requirements.

We are very happy to announce the addition of Mass Housing Financing to our existing programs.

Partnering with the Mass Housing Financing Agency as an approved lender means even more competitive programs for you to choose from when considering a new home purchase or even a refinance.

The Mass Housing Finance Agency is a self sustaining, not for profit organization which helps low and moderate income borrowers from around Massachusetts buy homes and even refinance their homes with very low interest rates and minimal equity requirements.

Approved Mass Housing Lenders

Here are a few key benefits of the Mass Housing Program:

Low Down Payment Requirements – A first time home buyer can put as little as 3% down for the purchase of a single family home. And as little as 5% down for the purchase of a 2 – 4 Family residence.

Low Fixed Interest Rates – The Mass Housing program offers very competitive 30 year fixed interest rates. Rates are typically even lower than conventional interest rates.

Flexible Private Mortgage Insurance Options – On top of incredibly low fixed rates, buyers and refinancers will have the option to eliminate PMI altogether, or take PMI at a lower premium than conventional mortgages and even take the PMI Plus program which actually protects your mortgage payments in the event you lose your job.

Flexible Underwriting Standards – While the average credit score in the program is close to 700, guidelines allow for non-traditional credit. Non-traditional credit would be classified as items you pay monthly which may not appear on your report. Items such as insurance, cell phone and utility bills. This is a huge advantage for buyers who do not have a deep credit history.

No Risk Based Pricing – Conventional mortgages have interest rate adjustments for lower down payments and lower credit scores. The Mass Housing program offers the best interest rates available to anyone who qualifies, even if your credit score is a bit lower.

No Hassle Rate Lock Options – Mass Housing allows for 30 and 60 day rate locks so you can rest assured that you are protected in the event interest rates move up.

Fast Loan Decisions – The program allows for expedited and streamlined underwriting so you can close quickly with the best terms.

One Simple Payment – Mass Housing services all of the loans it buys from Poli Mortgage and this means simplicity for you during the life of the loan. You will make one simple payment directly to Mass Housing and they will not sell the servicing to a third party.

Not Just for Purchases – Many people think that Mass Housing is just for first time home buyers. This isn’t the case at all. You can refinance to a lower rate and even take cash out under the program.

Mass Housing Approved Lender

The program can only be originated and underwritten by Mass Housing Approved Lenders. Poli Mortgage staff has been trained under the Mass Housing Training Program so we can quickly and efficiently guide you through the entire process.

From Lowell to Cape Cod and Springfield to Dorchester, the Mass Housing program will fit your needs.

Loan sizes and income requirements vary county by county. Household income limits are as high as $123,000 which fits well into a vast majority of the Massachusetts population.

For all the details and a fast pre-approval call Poli Mortgage Group, Inc. at 781-801-1400. Ask for a Mass Housing Specialist and you’ll be directed to a member of our team who is trained in the program.

A member of our Mass Housing Team will guide you step by step through the process.

If you have any questions at all about this or any of our programs please don’t hesitate to give us a call, no question is insignificant and you will always be treated as though you are our most important customer, because you are.

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