You have protected the American Dream. Now you can live it.
You have served your country, now we hope this powerful mortgage product will serve you to make the dream of homeownership a reality. Operation Welcome Home combines a traditional, fixed-rate first mortgage with a downpayment and/or closing cost assistance up to 3% of the purchase price or $12,000, whichever is less.
This is available exclusively for eligible first-time homebuyers who are purchasing a one- to four-unit property in Massachusetts and who are active duty military members; Veterans who served honorably; members of the Reserves and National Guard; and Gold Star Family members.
Features of Operation Welcome Home
- Competitive fixed-rate mortgage* with flexible credit and qualifying requirements
- Downpayment and/or closing cost assistance up to 3% of purchase price or $12,000, whichever is less, offered at 1%, fixed rate for 15 years
- Up to 97% loan-to-value (LTV) first mortgage financing on single-family homes and condos with little or no borrower contribution required
- Up to 95% first mortgage financing on two and four-family homes with as little as 3% required from the borrower
- For buyers with less than 20% down, borrower or lender paid mortgage insurance options are available
- Loans that carry mortgage insurance will come with MIPlus™ Mortgage Payment Protection for eligible borrowers, a benefit that will pay your principal and interest (up to $2,000) for up to six months if you are deployed or lose your job, or for Reservists and National Guard Members called to active duty
- Conventional loan limits up to $453,100 for a one-unit property and higher limits for two to three unit properties
- Borrower income and loan limits vary by city or town. Visit masshousing.com for the most up-to-date information.
Benefits of Operation Welcome Home
- One fixed monthly principal and interest payment for the life of the loan
- Other approved community second programs, such as closing cost assistance, offered by city/towns and non-profits may be used for a maximum combined loan-to-value (CLTV) of 105%
- Condos follow conventional guidelines
- Non-spouse co-borrowers allowed
- No residual income test used to qualify
- No previous rental history required for the purchase of a two- or three-unit property
- Projected rental income from multi-family properties may be factored into total income for determining eligibility and qualifying
- Only one approval – both mortgage and mortgage insurance are through MassHousing
- Loan payments are made to MassHousing, a Boston-based, customer-focused service provider
*Your monthly payment will vary based on the loan amount, the interest rate available at the time of application, and other factors. Subject to credit approval.
