All Forum Posts by: Chenna Jags

Ya I purchased my personal property with mass housing and it's great! I don't mind that requirement as when I am ready to get out I will will just sell. But for investments stay away from MassHousing. Good Luck!!

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.

This was great! Thanks for giving us these tips!

If you are doing an owner occupied unit you could do an FHA loan and put 3.5% down. You would have to live in one of them for a year, and then you could rent it out.

I am just in the beginning stages and looking to connect with other women in this industry, so count me in!