Massachusetts MassHousing Mortgage Program Checklist
A comprehensive guide for applicants of the Massachusetts MassHousing Mortgage Program in 2025.
Assess Your Eligibility
- Confirm that your household income does not exceed the program's limits, which vary based on property location and loan program. For example, some programs have income limits up to $179,955.
- Ensure your credit score meets the minimum requirement of 640.
- Verify that the property you intend to purchase is located in Massachusetts, will serve as your primary residence, and meets the program's criteria for eligible property types, such as single-family homes, condominiums, or 2- to 4-family properties.
- Determine if you are a first-time homebuyer, defined as not having owned a primary residence in the past three years, unless purchasing in a targeted area.
Gather Necessary Documentation
- Collect recent pay stubs, W-2 forms, or other proof of income.
- Obtain copies of your tax returns for the past two years, including all schedules.
- Compile bank statements from the last two to three months for all financial accounts.
- Prepare property details, including the address, purchase agreement, and sale price.
- Assemble any additional documents requested by your Loan Officer, such as verification of assets, debts, or liabilities.
Collaborate with Your Assigned Loan Officer
- A Loan Officer will be assigned to guide you through the MassHousing Mortgage Program application process.
- Schedule an initial meeting or call with your Loan Officer to discuss eligibility requirements and outline the application steps.
- Clarify any questions regarding the program, required documentation, or the application process.
- Follow your Loan Officer's instructions to efficiently gather and submit all necessary documentation.
Complete Your Application
- Work closely with your Loan Officer to fill out your application for the MassHousing Mortgage Program.
- Provide all required documents to confirm your eligibility for down payment and closing cost assistance.
- Review your application with your Loan Officer to ensure it is accurate and complete before submission.
- If mandated, attend a homebuyer education course to meet program prerequisites.
Finalize Your Enrollment
- Sign all necessary documents provided by your Loan Officer to complete your participation in the program.
- Prepare for any expenses not covered by the program, such as additional closing fees or prepaid items.
- Receive confirmation of your enrollment and details on how the assistance will be applied to your home purchase.
Maintain Program Compliance
- Ensure the purchased property remains your primary residence for the duration specified by the program.
- Inform your Loan Officer promptly if you plan to sell, refinance, or make changes to your mortgage, as this could impact your program benefits.
- Stay updated on any changes to program requirements to maintain compliance and retain your assistance benefits.