Other Loan Programs

Buy Brockton - Other Loan Programs 

Commercial Loans

Commercial loans include SBA 504 and 7A loans.These are term loans providing a designated amortization period of up to 84 months and are typically used for equipment purchases. Lines of credit can help businesses manage their cash flow by allowing borrowings and repayments as frequently as necessary. Commercial mortgages can be used to purchase real estate for non-owner occupied properties. SBA+


FHA is a mortgage program used for the purchase or refinance of a home with a low down payment (3-5%). These loans are federally insured, but obtained through private lenders. The underwriting and credit requirements for this loan are typically less stringent than typical mortgage financing.

FHA 203K

FHA 203K is a purchase or refinance mortgage program designed to provide funds for the repair and rehabilitation of single family properties. It can be used in conjunction with housing agencies and nonprofit organizations to rehabilitate properties and provide funds for home improvement, repair or fix-up.

MassHousing Mortgage

MassHousing Mortgage is designed for first time homebuyers meeting the income and property guidelines which vary by property location and number of members in the household. It can provide up to 97% loan-to-value financing for the purchase of a single family property and 95% LTV for two to four family dwellings.

MassHousing Operation Welcome Home Loan

MassHousing Operation Welcome Home Loan is for owner-occupant, first –time buyers of 1 to 3 unit properties including condos.

MassHousing Municipal Mortgage Loan Program

MassHousing Municipal Mortgage Loan Program is available to employees of municipal, county and state government, government agencies and non-profit organizations working in areas of public safety, law enforcement, healthcare, education and social services. The program offers 97% financing, flexible underwriting and attractive mortgage pricing.

MassHousing Rehabilitation Loan

MassHousing Rehab Loans help borrowers cover both the cost of purchasing or refinancing a home in need of repairs, enabling you to include the cost of repairs. Income and property limits vary by city and town. A 3%-5% downpayment is required and the minimum rehabilitation amount for all property types is $7,500. (Has this changed?)

ONE Mortgage

If you’re a first-time homebuyer, the ONE Mortgage Program is for you. ONE Mortgage offers you the comfort of knowing your mortgage is financially sustainable.  Here are five reasons why you should choose ONE Mortgage:

  1. Put down as little as 3%: A minimum of 3% of the purchase price is required for condominiums, single and two-family properties. For a three-family property, a 5% down payment is required. 
  2. Get a low fixed interest rate: Homebuyers benefit from a discounted 30-year fixed interest rate. No points are charged to the homebuyer. (Are there 40 year loans?)
  3. Pay no Private Mortgage Insurance (PMI): ONE Mortgage home buyers save hundreds of dollars every month by not making costly PMI payments.
  4. Get financial assistance if you qualify: Some income eligible homebuyers may also qualify for an additional monthly savings during the first seven years of ownership. Designed to reduce a borrower’s monthly mortgage payment in the early years of homeownership, MHP Interest Subsidy is automatically applied to eligible ONE homeowner’s monthly mortgage payments by their lenders.
  5. Build your wealth: ONE Mortgage homebuyers are investing in their future.  There is no limit on home appreciation.

Portfolio Loan Programs for Affordable Buyer

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Reverse Mortgage

Reverse Mortgage is a program designed for homeowners age 62 or older that currently live in the home. The program allows you to borrow against the equity in the property. There are no income or credit requirements to qualify and no repayment obligation as long as the property remains the primary residence of the borrower.

VA - Veterans Administration

VA is available only for members of the US armed forces (ex-servicemen and women as well as those on active duty) that meet the underwriting requirements. The loan is backed by the Veterans Administration. It requires very low or no down payments and has less stringent requirements for qualification than other types of mortgage financing.