Homebuyers thinking of buying a property in need of repair should consider a MassHousing Mortgage with Rehabilitation.
The loan program, which replaced our Purchase & Rehab program in the first quarter of FY 2017, provides financing to purchase or refinance a home and fund needed repairs. Up to 50% of the "as-completed" cost of a home can be financed toward renovations.
“The MassHousing Mortgage with Rehabilitation is an excellent option for homebuyers, particularly in Gateway Cities,” said MassHousing Director of HomeOwnership Lending Lisa Fiandaca. “Inventory of homes for sale remains low, so properties in need of repair present a unique opportunity and a solid value. The buyer can gain peace of mind with new features and new systems in an up-and-coming city. The community benefits as well, by gaining residents committed to its continued growth and success.”
Like all MassHousing loans, the MassHousing Mortgage with Rehabilitation requires a downpayment as low as 3%, offers affordable interest rates and has no hidden fees. Loans insured by MassHousing come with MI Plus, a unique benefit that helps a borrower pay their mortgage should they lose their job.
"This unique program can also be very helpful to current homeowners with properties in need of improvements," Fiandaca added. "Often, this is an overlooked market segment without many affordable options. So, whether it’s a first-time buyer or someone looking to refinance and make improvements to their current home, the MassHousing Mortgage with Rehabilitation can help."