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.