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MassHousing
MassHousing is a state and regional program that provides affordable mortgage options for the purchase of a 1-4 family home or condominium in Massachusetts.
Key features are:
- Affordable, fixed interest rates
- Flexible underwriting guidelines and income limits
- Loans are serviced by MassHousing
- Down payment assistance
- Options with and without Mortgage Insurance
- Mortgage Payment Protection with MI plus (protection that helps you pay your mortgage if you lose your job!)
- Rehabilitation/Renovation loans available
Contact one of our Massachusetts Loan Officers to get started today!
New Hampshire Housing
New Hampshire Housing promotes, finances and supports affordable housing for Granite State residents. One of the goals of NH Housing is to offer safe, fixed-rate mortgages.
New Hampshire Housing offers homebuyer programs for New Hampshire residents with incomes up to $128,900.
Loan options include:
- Home Flex which provides up to 3% of the base loan amount to help with down payments
- Home Preferred which is a conventional mortgage with 3% down and reduced MI rates
- Rehabilitation Mortgage Programs if you are buying a fixer-upper, you can add up to a $35,000 to your purchase mortgage with as little as 3.5% down to assist with repairs and upgrades.
- Home-Start Homebuyer Tax Credit makes homeownership more affordable for first-time homebuyers. The homebuyer tax credit can decrease the federal income taxes you owe, thereby boosting your take-home pay, which may help you qualify for a mortgage. It is an annual credit for the life of the mortgage.
- Home Preferred No MI provides you with conventional mortgage financing terms and not MI (Mortgage Insurance) option. No MI with as little as 3% down, (97% LTV).
Contact one of our New Hampshire Loan Officers to get started today!
RIHousing
RI Housing strives to offer programs that support meeting the needs of current and future homebuyers in the State of Rhode Island. RI Housing’s First-time Homebuyers programs enable borrowers to realize their dream of homeownership by providing generous loans and grants to credit-worthy borrowers.
As an approved RI Housing lender, Mortgage Equity Partners provides access to these homebuyer programs. All our RI loan officers are available to help you find the right program and see if you qualify.
To qualify, you must:
- Be a first-time homebuyer purchasing a 1-4 family home or condominium in Rhode Island
- Have a minimum credit score of 660
- Meet RIHousing loan* and income limits**
- Complete a homebuyer education course (available online)
- Obtain a RIHousing-funded first mortgage through a Participating Lender or the RIHousing Loan Center
- Occupy the home as your primary residence
*As of 5/1/2024, the Maximum Acquisition Price Limit/Cost is $838,592
**As of 5/1/2024 The Maximum Annual Household Income: $134,320 (1 or 2 person household) and $154,468 (3+ person household).
First-Time Homebuyer Programs
15K DPA
RIHousing’s 15kDPA program provides $15,000 in assistance for down payment and/or closing costs in the form of a zero-percent (0%) interest rate loan to first-time homebuyers in Rhode Island.
FirstGenHomeRI
FirstGenHomeRI opens the doors for first-generation homebuyers with $25,000 in down payment and/or closing cost assistance.
Extra Assistance Loan (EAL)
RIHousing’s Extra Assistance Loan program provides down payment assistance to eligible first-time homebuyers in Rhode Island to finance down payment and/or closing costs up to 6% of the purchase price, or $20,000, whichever is lower.
RI Statewide DPA and Grant Program
The RI Statewide DPA program is closed as of March 5, 2024, but may receive additional funds annually. Check with your loan officer to learn more about this program and your eligibility. When active, this program provides a $17,500 DPA grant.
For more on these programs visit RIHousing or contact one of our >RI loan officers.
Florida Housing
Florida Housing’s First Time Homebuyer (FTHB) Program offers 30-year fixed rate FIRST mortgage loans to first-time homebuyers and qualified veterans in Florida.
This program uses income and purchase price limits to determine eligibility.
Potential borrowers must:
- Complete a Homebuyers Education Class
- Qualify for a Mortgage loan and a qualifying FICO Score
Florida Housing also offers down payment and closing cost assistance in the form of a second mortgage loan to assist eligible homebuyers with their down payment and closing costs.
Down payment assistance is only available when used in conjunction with Florida Housing’s first mortgage loan. Down payment assistance is NOT available as “stand-alone” down payment assistance. It is only available when used in conjunction with one of Florida Housing’s Homebuyer Programs.
The Mortgage Credit Certificate (MCC) Program offers eligible first-time homebuyers a nonrefundable Federal income tax credit which can be utilized with a lender’s first mortgage. The MCC reduces an eligible borrower’s Federal income taxes and, in effect, creating additional income for the borrower to use in making mortgage payments or other household expenses. Florida Housing’s Program offers a tax credit amount of up to 50%, based on the loan amount.
Contact one of our Florida Housing qualified Loan Officers to get started today!
