Dean Bank is an approved lender of MassHousing, a not-for-profit public agency. MassHousing has provided billions of dollars in financing with affordable, fixed-rate, home loan products to low- and moderate-income homebuyers.
Why choose a MassHousing loan?
Whether you're buying a home or refinancing your mortgage, MassHousing loans offer many features not available from other lenders.
- Affordable interest rates
- Low downpayment options
- MIPlus payment protection, which helps pay your mortgage loan for UP TO 6 MONTHS if you lose your job
- Covers principal and interest payments for up to six months (up to $2,000/month)
- Comes at no added cost on loans insured by MassHousing
- May be used for any six months during the first 10 years of the loan
- In-house servicing by MassHousing which means that any questions you may have on your mortgage will be answered by our own staff located right here in Massachusetts
MassHousing Mortgage with No MI
No MI means no mortgage insurance. You get the same safe, secure, low-downpayment MassHousing loan without the monthly mortgage insurance premiums.
- Affordable interest rates, fixed for the life of the loan
- Low down payment requirements
- No hidden fees or other surprises
To qualify for a MassHousing Mortgage with no MI, borrowers must
- Meet income and loan limit guidelines
- Purchase a 1- to 4-family property
- Have good credit
- Complete a homebuyer education course
How to Qualify
To qualify for a MassHousing loan, you must:
- Meet income and loan limits, which vary by city and town (ask your Dean Bank mortgage rep for specific guideline requirements should you have a question)
- Be creditworthy
- Buy or refinance a single-family home or condominium or a 2-, 3- or 4-family property
How it Works
MassHousing is a public agency and does not have branch offices. Instead, they partner with a statewide network of quality lenders who offer their loan products to all income eligible customers. To obtain a MassHousing Mortgage Loan it is receommended that homebuyers follow these steps:
- See if a MassHousing mortgage may be right for you with a quick eligibility check on www.masshousing.com or speak with an employee in the Dean Bank Mortgage Dept.
- Get pre-approved
- Find a home, make an offer and execute a Purchase & Sale Agreement.
The borrower completes the loan closing with Dean Bank (or any other MassHousing Lender). The loan will then be transferred to MassHousing and the borrower sends their monthly payment to MassHousing.
Get Pre-Approved First!
Before you even start looking for the perfect house, it’s best to get pre-approved for a mortgage. Dean Bank makes it easy! You can apply online 24 hours a day, 7 days a week, and you’ll receive a response in a matter of minutes. Once you’re pre-approved, you’ll know exactly how much house you can buy, and sellers will know that you’re a qualified buyer.