5 Mass Housing Home Loan Caveats for Condos – Boston Condo Loans

There are five things you need to know about buying a condo with a Mass Housing Home Loan.

First: Mass Housing follows the general Fannie Mae guidelines for condo approval but has additional requirements.

Second: no itsy bitsy condos. The minimum square footage is 600square feet, if it is 590, tough luck. It has to be greater than 600.

Third: Mass Housing does not want to own too many units within a complex because they want to limit their exposure. Mass Housing will finance up to 20% of the project. If there are a hundred units, Mass Housing will only finance 20 units. There is one exception for new construction where Mass Housing will finance the projects, 25% of the projects can be Mass Housing Home Loans.

Fourth: the minimum owner occupancy of the project has to be greater than 50%.

Fifth: no cooperatives allowed.

If you have any questions, please don’t be afraid to reach out I am here to help you.

Phil Ganz (354 Posts)

Philip D. Ganz is a Boston Mortgage Broker and Boston Home Loan specialist. For information, expertise, consulting, or advice about home loans, refinancing mortgages, or commercial property loans, contact Phil with no obligation: 617-529-9317

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