MassHousing Programs

North Shore Bank is committed to the cities and towns it serves and strives to make homeownership a reality for low to moderate income borrowers. That’s why we’ve partnered with MassHousing to offer a number of affordable mortgage programs.

MassHousing LogoMassHousing is a self-supporting not-for-profit public agency that has provided more than $27 billion in financing to homebuyers, homeowners, developers and owners of affordable rental housing. Founded in 1966, MassHousing does not use taxpayer dollars, but sells bonds to fund its programs and mortgages. The proceeds of these sales are then advanced through a network of approved lending partners — organizations like North Shore Bank.
 

MassHousing Benefits & Protections

Borrowers will enjoy great rates, flexible underwriting, and quick processing. Additionally, borrowers who use MassHousing mortgage insurance receive job loss payment protection at no additional costs. If you lose your job, MassHousing will cover your principal and interest (up to $2,000/month) for up to six months.

 

MassHousing Workforce Advantage 3.0  

  • Max Loan To Value (LTV)/Combined Loan To Value (CLTV) – 95%/105%
  • Owner occupied primary residence
  • No mortgage insurance cost paid by borrower
  • 1-2 unit properties
  • Deferred Down Payment Assistance (DPA) loan provided by MassHousing
    • 10% of the sales price or $50,000, whichever is less, in gateway communities* and the City of Boston, Framingham, and Randolph
    • 10% of sales price or $30,000, whichever is less for remaining communities in Massachusetts
  • No points
  • Income limits apply
  • Homebuyer certificate required
  • Landlord counseling required on 2 unit properties
  • Lender credit $500
  • Service members/veterans receive a MassHousing credit of $2,500
  • Subject to credit approval

MassHousing Conventional First-Time Homebuyer

  • Owner Occupied Primary Residence
  • 1 Unit & Condos LTV – 97% -105%
  • 2-4 Units LTV – 95% -105%
  • Homebuyer certificate required
  • Landlord counseling required on 2-4 unit properties
  • No points
  • Income limits apply
  • Lender credit $500
  • Service members/veterans receive a MassHousing credit of $2,500
  • Subject to credit approval

* The Gateway Cities are Attleboro, Barnstable, Boston, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Framingham, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Randolph, Revere, Salem, Springfield, Taunton, Westfield, Worcester.

For current rates or additional information about home buying options at North Shore Bank, call Customer Support at (978) 573-1300 (during regular operating hours) or reach out directly to any of our mortgage originators.

Find out now about your home buying options and get prequalified for a mortgage at NSB
before you begin the application process. Get prequalified today!
 
Need to know how much you can afford? Try out one of our convenient mortgage calculators.

Apply Now!

To begin the mortgage application process, just click the button below and follow the onscreen instructions.