MASSHOUSING INFORMATION

Monson Savings Bank, through its partnership with MassHousing, is able to offer affordable mortgage products to consumers in the Western Massachusetts area. MassHousing, the state’s affordable housing bank, lends money to the bank at rates below the conventional market to support affordable rental and home ownership opportunities for low- and moderate-income residents. Some of the products we can offer through our partnership are:

First Time Homebuyer Program highlights:

• May be used to purchase 1- to 4-family homes and condominimums
• Minimum downpayment required is 3%
• 30-year amortization periods available.
• Income, sales price limits, and minimum credit scores may apply

• Loan Limits as high as $417,000 for a single-family home
• Financing for 3- and 4-family homes
• 30-year, fixed-rate loans
• Income limits and minimum credit scores may apply