Massachusetts Real Estate


Massachusetts FHA Mortgage Loans

Federal Housing Administration loans (FHA) have been helping people finance homes since 1934. The Federal Housing Administration (FHA) which is part of HUD insures the loan so the lender can offer the buyer a better deal.


FHA loans in Massachusetts have become very popular and rightfully so. There are a number of reasons why the FHA loan program is being utilized by many borrowers as the preferred home loan choice.




Here is a summary of the reasons this may a good loan choice for you:

Anyone can apply and there are no income limits.

The FHA loan can be used for single or multi-family homes up to 4 units, condominiums, or manufactured homes.                                                                                                                                                                                                                                                                         

As of this writing (November 2008) the FHA minimum down payment is 3% although this will be changing in January of 2009 to 3.5%. The FHA is a perfect program for those that do not have tons of money squirreled away.

The borrowers credit score can be much lower in order to get the loan. At the moment credit scores can be as low as 580 with very few credit adjustments compared to conforming loans.                                              

Mortgage insurance is readily available and is cheaper than conventional loan programs. FHA also has a moratorium on their mortgage insurance costs which has reduced the cost for many home buyers.

The seller of a home can pay up to 6% in closing or buy down costs for a buyer.

The declining values policy is much more liberal and does not effect the mortgage unless the mortgage is utilizing the new temporary loan limits. The chart below summarizes the Massachusetts temporary loan limits.






One word of caution...The FHA program does not cover financing on a 2-4 unit condominium. So if you are looking at buying a duplex style townhome the FHA loan program would not be suitable for you.


The above information on Massachusetts FHA Mortgage Loans was provided by Bill Gassett, the team RE/MAX Executive Realty Hopkinton MAleader for the #4 RE/MAX Team in Massachusetts in 2007. Bill can be reached via email at or by phone at 508-435-5356. Bill has helped people move in and out of many Metrowest towns for the last 22+ Years. Bill's office is conveniently located in the center of Hopkinton MA at 77 Main Street.

I have a passion for Real Estate and love to share my marketing expertise! I would welcome the opportunity to earn your business.

For Metrowest Massachusetts Real Estate and homes see Metrowest Mass Real Estate. Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site.

I service the following towns in Metrowest Massachusetts: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Franklin, Douglas, and Framingham MA.

Click here to view Bill Gassett's Real Estate profile.




Subscribe in a reader



Building lasting relationships by helping people move in and out of Metrowest Massachusetts for the last 22 years.

Bill Gassett is a thirty-two year veteran to the real estate industry. He enjoys providing helpful information to buyers, sellers and fellow real estate agents to make sound decisions. His work has been featured on RIS Media, National Association of Realtors, Inman News, Placester, RESAAS, Credit Sesame and others.

Comment balloon 22 commentsBill Gassett • November 06 2008 06:59AM
Massachusetts FHA Mortgage Loans
Federal Housing Administration loans (FHA) have been helping people finance homes since 1934. The Federal Housing Administration (FHA) which is part of HUD insures the loan so the lender can offer the buyer a better deal. FHA… more
Top 10 Mistakes to Avoid When Selling Your Massachusetts Home
As a Realtor representing home sellers in numerous towns throughout Metrowest Massachusetts over the last twenty two years, I have found that there are certain obstacles that will make a home much more difficult to sell. The following… more
Fieldstone Condos Upton Massachusetts
Fieldstone is a popular townhome neighborhood located off of School Street in Upton Massachusetts There are 18 units in this tightly knit condo complex. Fieldstone was one of the 1st condominium neighborhoods built in Upton and has… more
When to Lock Your Mortgage Interest Rate
One of the considerations when applying for a home loan is when to actually lock the mortgage rate in. Of course those that do not lock right away are gambling with their future loan payment. More often than not the best time to lock a rate is… more
Blogburst Expanding Their Distribution To More Publishers Metrowest…
Pluck is one of the major companys that powers Social Media. Powering more than 2. 5 billion monthly interactions, Pluck’s technology platform offers comprehensive social media capabilities broadly deployed and integrated on more than 300… more
Mill Pond Estates Milford Massachusetts
Mill Pond Estates is one of Milford Massachusett's top flight neighborhoods. There are approximately 53 homes in this Milford community. The neighborhood is located off of Whitewood Road and is in close proximity to Fiske Mill Pond or "… more
5 Surefire Ways to Turn Off a Buyer
As a Hopkinton Realtor representing home sellers in and around Metrowest Massachusetts, it is very important to give my clients proper advice as to what is really vital to improve their chances of getting a timely sale in a challenging… more
The Preserve at Lake Wildwood Upton Massachusetts
The Preserve at Lake Wildwood is located off of Williams Street on Dairy Drive in Upton Massachusetts and is the top luxury home neighborhood in the town. The homes in The Preserve at Lake Wildwood were built by Mike Kane of M. G. Kane… more
Northbridge Real Estate market report September 2008
Northbridge Massachusetts Real Estate Market Report for September 2008 In September of 2008 there was 12 homes that… more
Hearthstone Hopkinton Massachusetts
Hearthstone is a fantastic Hopkinton Massachusetts neighborhood located off of Ash Street near the center of town. There are 27 homes located in this convenient Hopkinton neighborhood. Hearthstone Road and Carriage Hill Road are the Streets… more