MassHousing Mortgage with Rehabilitation
A MassHousing Mortgage with Rehabilitation can help you purchase and rehabilitate a property, or refinance and rehabilitate your current home.
How to Apply
To apply for a MassHousing Mortgage with Rehabilitation, contact a participating lender or rehabilitation agency.
Income and Loan Limits
To obtain a MassHousing Mortgage with Rehabilitation, borrowers must meet income and loan limits, which vary by city or town.
Up to 50% of the "as completed" appraised value of the property can be financed toward renovation costs.
As little as 3% down on a single-family property and 5% down on a 2- or 3-family property is required to purchase a home with the MassHousing Mortgage with Rehabilitation. Down payment and closing cost assistance can be used in partnership with this program.
- The minimum rehabilitation amount for all property types is $7,500
- Rehabilitation costs include the cost of repairs, as well as such expenses as inspection fees, title update fees, and a required contingency reserve equal to 10% of the total rehabilitation cost
- If the property will not be occupied during rehabilitation, a mortgage payment reserve not to exceed six mortgage payments may be included in the cost of rehabilitation
- The lender may charge fees as high as $1,500 based on the cost of rehabilitation
- Licensed contractors must complete all rehabilitation work