• Up to 100% financing, 30-year fixed
  rate payments
• No first-time homebuyer restrictions
• Ample purchase price limits
  (subject to Fannie Mae loan limits)
• Lower monthly mortgage insurance costs
• Mortgage insurance, if needed, carries up
  to 6 months of mortgage payment protection
  if a job loss or layoff occurs.

Some of the Buy Worcester Now Participating Lenders
have agreed to participate as a
MassHousing/MyCommunity Lender.  This means they
will originate and process a MyCommunity Loan for
you in some cases at a lower interest rate than
anywhere in Massachusetts and provide you with all
the stability and features of the MyCommunity
Mortgage Program.

*After your loan closes with the participating lender,
your loan payments will be made to MassHousing,
a trusted customer-oriented, service provider.

Participating Lenders for MyCommunity Loan Program

• Commerce Bank & Trust
  
• Flagship Bank & Trust
• Millbury Credit Union
  
• Southbridge Savings Bank
  
• Sovereign Bank
• Webster Five Savings Bank
  
• Worcester Credit Union

Some of the Buy Worcester Now Participating Lenders
will provide a home purchase loan at a ½ point below
market with all the same features as the MyCommunity
Loan Program. The only difference is that they will keep
these loans rather than sell them to MassHousing. 

Participating Lenders for MyWorcester Community
Loan Program

• Bay State Savings Bank
  
• Flagship Bank
  
• UniBank
  
• Worcester Credit Union

MassAdvantage™ loans feature fixed interest rates
below the conventional market, flexible underwriting
criteria, and low fees. Discounted interest rates and
mortgage insurance premiums are available for lower-
income borrowers. MassAdvantage™ mortgage loans are
originated by participating lenders and then purchased
by MassHousing.  

MassAdvantage™ Standard

• May be used to purchase condominiums
  and 1- to 4-family homes
• Minimum down payment required is 3%
• 30- and 40-year amortization periods available
  (40-year loans may only be used to purchase
  single-family homes and condominiums)

Participating Lenders for MassAdvantage™ Loan Program

• Bay State Savings Bank
  
• Commerce Bank & Trust
  
• Flagship Bank
• Millbury Credit Union
  
• Southbridge Savings Bank
  
• Sovereign Bank
  
• Webster Five Savings Bank
  
• Worcester Credit Union

If you’re a first-time homebuyer, you’ll want to learn
more about the SoftSecond™ Loan Program.  The
SoftSecond™ Loan Program has helped nearly 500
families in Worcester and 12,000 families statewide
purchase their first home.

SoftSecond™ combines a first and second fixed-rate
mortgage from a bank with a small state subsidy that
keeps monthly mortgage payments low.  Buy Worcester
Now Participating Lenders that offer this program also
discount your interest rate by up to ½ point.  

Participating Lenders for SoftSecond™ Loan Program

• Bank of America
  
• Commerce Bank & Trust
  
• Southbridge Savings Bank
  
• Sovereign Bank
  
• Webster Five Savings Bank
  

NOTE: If your employer is participating in Buy
Worcester Now AND you qualify for the SoftSecond™ Loan
Program, you may also qualify for MassWorks^SM. With
this program, an employer contribution of up to $5,000
will be matched dollar-for-dollar by the Commonwealth
of Massachusetts. This assistance can help you boost
your purchasing power, lower your monthly mortgage
payments and/or defray any down payment or
closing costs. 

Some of the Buy Worcester Now Participating Lenders
will provide loans to help borrowers cover both the cost
of purchasing a home in need of repairs, as well as the
expense of rehabilitating that property. 

The maximum loan amount for a Purchase & Rehab
mortgage is 97% of the purchase price, plus
rehabilitation costs or the estimated value of the home
after rehabilitation (whichever is less). A 3% down
payment is required.

To qualify for a Purchase & Rehab mortgage,
you must:

• Be a first-time homebuyer
• Have a signed Purchase and Sale
  Agreement for a 1- to 4-family home
• Be creditworthy. Learn more about credit.
• Have housing debt of less than 33% of your
  income and total monthly debt of less than
  41% of your income

Participating Lenders for Purchase & Rehab Loan Program

• Flagship Bank & Trust
• Sovereign Bank
• Webster Five Savings Bank
  

Households just getting started in the workforce may
be eligible for down payment assistance up to $10,000.
This assistance can be combined with all of the above
loan programs and can really make a difference!  The
program is administered cooperatively by the
NeighborWorks® HomeOwnership Center of Worcester
and the City Manager’s Executive Office on Economic
and Neighborhood Development.  Contact the
NeighborWorks® HomeOwnership Center to learn more
about this program.

If you purchase a home in Worcester, regardless of
which participating lender or product you choose, you
will be eligible to receive additional community
enhancements to help you feel right at home
right away.

Post-Purchase Assistance

Post-Purchase Assistance may be available after a
home purchase is made depending on a homebuyer’s
circumstance and income. The NeighborWorks®
HomeOwnership Center of Worcester may be able to
help you in the following ways:

Commonwealth Solar
Provide a community loan to install a solar
electric system in your home.      

Lead Hazard Abatement Grants, Home
Improvement and Rehabilitation Loans

 

MassHousing’s Home for the Brave loan program
provides affordable, no down payment mortgages
for veterans of the U.S. Armed Services living
in Massachusetts.

• 100% financing; no down payment required
• Extended term fixed-rate financing
• Loans may be used to purchase or refinance
  a home; you do not need to be a first-time
  homebuyer to qualify
• Loans feature mortgage insurance with
  MI Plus, a unique protection that helps
  pay the mortgage in case of job
  loss or deployment
• Funds are available through the Veterans
  Administration for accessibility upgrades

Any Buy Worcester Now homebuyer who is a qualified
veteran or active member of the military who buys
a home with a Participating Lender portfolio loan with
MassHousing mortgage insurance will receive a
$1,500 closing cost assistance grant.

Visit the Home for the Brave website.