About Massachusetts FHA loans


Median prices for homes in Massachusetts are around $215,000. However, due to the current economic environment, not everyone is able to purchase a home with a conventional loan, and some homeowners might find it difficult to refinance their existing home. This is where the Federal Housing Administration (FHA) comes to the rescue. FHA makes it easier for Massachusetts residents to purchase a new home or refinance an existing home by loosening up certain credit requirements.

Some lenders are even bringing back their Streamline Refinancing programs in Massachusetts, which is good news if you already have an FHA mortgage and are looking to refinance. FHA provides several options, making it much more affordable for those looking to purchase a new home or refinance their existing home. Mortgage rates in Massachusetts are still low, but they won't last forever. Now is the time to lock-in your rate and take advantage of this rare opportunity. Visit the FHA section on our website for more details. Or, feel free to contact one of our mortgage specialists who will be able to answer your questions.

Types of FHA Mortgages


  • FHA Fixed Rate and Adjustable Rate mortgages, for purchases or refinances
  • Borrowers who have low or moderate income, who anticipate that their income will significantly increase in the next 5 to 10 years might choose a Graduated Payment Mortgage
  • An Energy Efficient Mortgage will help a homeowner lender their utility bills by incorporating costs of energy-efficient improvements into the new FHA loan
  • FHA Streamline Refinancing will allow a borrower who currently has an insured FHA mortgage loan to refinance into a new FHA mortgage loan, with minimal costs and documentation

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Benefits

  • Low down-payment for FHA purchasers, 3%
  • No prepayment penalty when refinancing
  • Easy to qualify, since FHA insures the mortgage, lenders are more lenient in the approval process
  • A borrower can qualify for a purchase two years after a bankruptcy, and three years after a foreclosure
  • Low interest rates on both purchases and refinances
  • No credit score requirements
  • Mortgage Insurance payments (if applicable) are lower compared to Mortgage Insurance payments on a conventional loan
  • Purchases are not limited to single family homes, as long as the property is a primary residence

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    Whether you're looking to purchase a new home or refinance your existing home, please email us or call us at 877-868-2503 so we can help you find the lowest mortgage rates available today.

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