MassHousing’s Refinance Program is an opportunity for current MassHousing borrowers to refinance directly with MassHousing, possibily lowering their interest rate or monthly payment without switching mortgage servicers.
The qualifying interest rate is dependent on the market. Closing costs are competitive and vary for each refinance loan.
Homeowners who refinance their mortgage loan with MassHousing have the potential to lower the interest rate on their mortgage and lower their monthly mortgage payment. In addition, borrowers will continue to receive high-level support from MassHousing’s HomeOwnership Mortgage Service Center Representatives.
Yes, the MassHousing down payment assistance loan balance will be consolidated with your first mortgage loan. You will have one monthly MassHousing mortgage payment after the refinance.
The MassHousing Refinance Program is for current MassHousing Mortgage borrowers who
Earn less than $191,700 annually
Have a credit score at or above 640
Occupy the home as their current primary residence
Additional eligibility requirements apply.
The first step in the MassHousing Refinance Program is to complete the borrower eligibility form. Once the form has been completed and approved, MassHousing will determine whether an appraisal is required as part of its loan review process.
Yes, MassHousing will service your new mortgage loan. You will be able to make monthly payments online through MassHousing Connect and will receive the same high-level customer service from MassHousing’s HomeOwnership Mortgage Service Center Representatives.
Refinancing is like applying for a new mortgage loan, and we must treat you as a new borrower. The MassHousing Refinance Program eligibility form is separate from MassHousing Connect, so you will need to create a new username and password.