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Massachusetts Municipal Employee
Purchase Mortgage ProgramEligible Borrowers
- Full time salaried municipal employees buying a home
- Maximum borrower income 100% - 135% of median income
- Minimum FICO credit score of 660
Eligible Properties
- 1 to 4 family and condominium, owner occupied primary residences in employer community (or other community if no employer residency requirement.)
Loan to Value
- 100% LTV for single family and condominiums
- 97% for 2 to 4 family residences
Down Payment / Reserves
- Minimum cash savings of $500 or 1% of sales price
 Qualifying Ratios
- 41/41% for single family and condominiums
- 50/58% for two family excluding rental income from second unit
- 60/68% for three & four family excluding rental income from other units
Additional Requirements / Features
- Loan adjusts annually after 5th year with 2% cap per adjustment and 6% lifetime cap
- Maximum mortgage is $450,000
- No point program available
- $150 closing cost credit for first time homebuyer
- Free 90 day rate lock with no up-front lock fee
- One-time opportunity to obtain a new rate during an existing rate lock period (Existing rate expiration date remains the same)
- Home Buyer Counseling required
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