The number of minority homebuyers who use affordable MassHousing mortgages to purchase their homes continues to grow.
Just past the midway point of the 2017 fiscal year, which began July 1, 2016, 386 minority borrowers used nearly $96.8 million in MassHousing mortgage financing to purchase or refinance a home. This represents 20% of the FY’17 total. If the pace continues, it would continue a five-year trend of increased lending to minority homebuyers.
"MassHousing is committed to ensuring that all communities in Massachusetts have access to our safe, affordable mortgage products," said Lisa Fiandaca, MassHousing’s Director of HomeOwnership Production. "We’re proud of the progress we’ve made in lending to minority homebuyers, and we will work to continually improve our outreach."
MassHousing offers a number of mortgage options for homebuyers with modest incomes. All of our loans feature affordable, fixed interest rates and 30-year repayment terms; require down payments as low as 3%; have no hidden fees or other surprises; and are serviced by MassHousing. Loans insured by MassHousing provide MI Plus payment protection, which helps a borrower make their monthly mortgage payments should they lose their job.