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Commonwealth Mortgage, LLC

Commitment to Community

Commonwealth Mortgage, LLC is committed to the most vulnerable members of our community as well as advancing community development.

Commonwealth Mortgage, LLC has an ongoing relationship with Housing Families, Inc. by donating funds in support of the mission to end homelessness. Housing Families, located in Malden, MA, has been able to serve more than 2,700 families over an almost 30 year history. In 2015, Housing Families will shelter 51 families, provide 14 more families with subsidized low income apartments and will help 450 families with a new legal services program. For more information about Housing Families, click here www.housingfamilies.org.

For those who are considered of low and moderate income levels and are pursuing homeownership in Malden or any other city or town throughout the Commonwealth of Massachusetts, there are amazing opportunities to consider such as MassHousing and FHA mortgages.

MassHousing

Our mission is to help low-to-moderate income home buyers achieve and maintain their dream of home ownership. Commonwealth Mortgage, LLC has been approved by MassHousing to offer affordable housing opportunities across the Commonwealth of Massachusetts. Low and moderate income borrowers are required to use an approved lender to take advantage of MassHousing programs and cannot obtain these mortgage products directly.

We offer all MassHousing programs and can conduct an eligibility check for you. The eligibility check is a quick comparison of your household income, estimated loan amount and your home's expected occupancy level against MassHousing income and loan limits. Click here to complete our eligibility check and receive an Eligibility Letter if you meet the requirements.

A MassHousing Mortgage is safe, with a low down-payment and a no mortgage insurance option. The features are:

  • Affordable interest rates, fixed for the life of the loan
  • 30-year repayment terms
  • Up to 97% financing on single-family homes and condominiums; 95% financing on two, three, and four family homes
  • No hidden fees or other surprises

To qualify for a MassHousing Mortgage, borrowers must:

  • Meet income and loan limit guidelines
  • Purchase a 1- to 4-family property
  • Have good credit
  • Complete a homebuyer education course

For income and loan limit guidelines, click here.

For homebuyer education course, click here.

MassHousing is a self-supporting not-for-profit public agency having provided more than $18.5 billion in financing for homebuyers and homeowners, and for developers and owners of affordable rental housing. MassHousing does not use taxpayer dollars, but sells bonds to fund its programs. In recent years, MassHousing has also supported the Commonwealth of Massachusetts by contributing funds to offset budget cuts to state housing programs.

FHA

The Department of Housing and Urban Development (HUD) has a program that offers insurance by the federal government to lenders against homeowner default. This creates home buying opportunities to some borrowers who would otherwise not qualify. The government's primary objective with the FHA loan insurance program is to create more home buyers who would spend more, which was good for the economy. The attraction for lenders is that FHA mortgage insurance provides lenders with protection against losses as the result of homeowners defaulting on their mortgage loans. The lenders bear less risk because FHA will pay a claim to the lender in the event of a homeowner's default. Loans must meet certain requirements established by FHA to qualify for insurance.

FHA is the only government agency that operates entirely from its self-generated income and costs the taxpayers nothing. The proceeds from the mortgage insurance paid by the homeowners are captured in an account that is used to operate the program entirely. FHA provides a huge economic stimulation to the country in the form of home and community development, which trickles down to local communities in the form of jobs, building suppliers, tax bases, schools, and other forms of revenue.

FHA loans require a minimum down payment of only 3.5%, less stringent credit restrictions than what is found with conventional loans, as well as the ability for funds to be gifted from relatives, assisting homeowners in making a home purchase a reality. A common misconception with FHA loans is that the loan is given directly from the government which is not the case at all. In fact, Commonwealth Mortgage, LLC is authorized by HUD to be a Direct Endorsed lender authorizing our underwriters to make the credit decision as to whether a borrower qualifies under the FHA program.

To find out if you are eligible for FHA financing, please complete our eligibility form located here.