Massachusetts Mass Housing V. FHA

[Robert Andrade]

Can anyone familiar with Mass Housing Loans tell me the pros and cons as compared to an FHA loan. We are looking to purchase a multifamily that we will occupy Thanks

[Chenna Jags]

MassHousing you have to live in the property for the life of the loan. Depending on your credit score you might not have to pay pmi but would still be covered under the terms of pmi... Say if you lost your job. They would roll your payments to the end of the loan. (A perk of pmi).....

So when I say the life of the loan, you wouldn't be able to move out of your unit and rent it out unless you did a refinance out of mass housing .... The down payment is the same as FHA but with FHA you can rent out your unit after living in it for a year. Not the case withMassHousing. They even make you sign a document saying that you will not rent out your unit.

I hope this helps... I think that's the biggest difference between the two... At least the biggest difference that matters when investing.