There's been some concern recently that changing lending guidelines will make it more difficult for many home buyers to qualify for a mortgage. It's true that many lenders are adopting stricter lending rules, but it's an absolute myth that financing has dried up.
Even if you can't make a 20% down payment, you can still qualify for a competitive mortgage. MassHousing, a public authority chartered by the Commonwealth of Massachusetts to increase home ownership in the state, offers a portfolio of very attractive mortgages for borrowers with decent credit and stable incomes. They even offer no-money-down financing, home improvement loans and mortgage insurance that covers you if you become unemployed.
Their easy-to-use mortgage calculator lets you figure out what you can afford and which of their programs you qualify for.
You can review the selection of their loan programs, including MyCommunity and MassAdvantage.
These programs are only available from certain banks and credit unions. If you want to get this process started, call the office (617-864-5400) and we'll be happy to recommend some excellent loan officers at local banks that specialize in MassHousing loans.