Home Point Financial is pleased to announce that we now have Massachusetts USDA financing. USDA Loans in Massachusetts are intended to provide lower-income homeowners with 100% financing (with no down payment). USDA (United States Department of Agriculture) loans, once known as farm loans, are now available to Massachusetts residents in almost every MA county outside of major metropolitan areas (rural areas in Massachusetts including Berkshire, New Bedford, Springfield, and others).

USDA Loan Requirements and Guidelines (Massachusetts)

There are a number of requirements to quality for Massachusetts USDA Loans:

  1. Monthly Massachusetts housing costs (mortgage principal and interest, property taxes and insurance) must meet a specified percentage of your gross monthly income (29% ratio).
  2. Credit background will be fairly considered. At least a 640 FICO credit score is required to obtain a USDA approval through most lenders in Massachusetts.
  3. Massachusetts borrower must have enough income to pay your housing costs plus all additional monthly debt (41% ratio with some flexibility).
  4. Income can be up to 115% of the median income for the area.
  5. Bankruptcy: Have been discharged from a Chapter 7 bankruptcy for three years or more (if applicable).
  6. Massachusetts property must be considered rural which is generally defined as open country with fewer than 10,000 people. Learn more here: http://eligibility.sc.egov.usda.gov.

Massachusetts families must be able to afford the mortgage payments, including taxes and insurance.

Massachusetts USDA Mortgage Rates

MA USDA Loan rates vary by individual and are determined by a number of factors specific to the individual, Massachusetts property being financed, etc. In general, MA USDA rates are better than average compared to other options for qualifying individuals.

Massachusetts USDA Lender

Apply now or contact the Massachusetts USDA Mortgage experts at Home Point Financial to learn more about USDA Loans in Massachusetts, eligibility and more.