- Posted January 26, 2014 by
This iReport is part of an assignment:
- Don't Let Student Debt Stop You from Buying a Home, Maximize Your Purchasing Power
- Using Rental Income from a single family or condo to qualify for a home purchase
- Mortgage Creditor Protection A Dirty Secret of the Mortgage Industry Explained
- Family Opportunity Home Loan Program for Parents of College Students
- Custodial Accounts Money For Your Children Not Your Home Purchase
Mass Housing Home Loan for Condos Five Things You Need To Know
1) Mass Housing follows the general Fannie Mae Guidelines for condo approval but has additional requirements.
2) No Itsy Bitsy Condos- Mass Housing has a minimum square footage requirement of 600 square feet
3) Mass Housing doe not want to own too many units in each complex limiting their exposure.
Mass Housing will finance up to 20% of the project. If their are 100 units Mass Housing will only finance 20 units except for new construction.
New construction where Mass Housing financed the project 25% of the project can be Mass Housing Loans.
4) The minimum owner occupancy of the project has to be 50%
5) No Cooperatives allowed- Boston Mortgage Lender & Home Loans