Additional Mortgage Programs and Services
MAFCU offers members a full range of mortgage products to suit members' different needs. The lending experts at MAFCU and Drew Mortgage are available to work one-on-one with members.
- Purchases and Refinances
- No Mortgage Insurance (MI) piggyback loan programs - 80/10/10
- Federal Housing Administration (FHA) programs
- Massachusetts Housing Loans
- First-time Home Buying seminars
- Mortgage Review Service (a review of current mortgage to determine ways to save; also includes assistance with debt consolidation needs and future planning)
- Pre-approvals
Here are three mortgage programs you should know about:
- Refinance Stimulus PLUS Program. If your mortgage is currently owned by Fannie Mae or Freddie Mac you may be able to refinance even if you have limited or no equity. Restrictions apply.
- FHA mortgage financing. Borrowers are able to put down as little as 3.5% of the purchase price. Down payment can come from a gift from a relative or close family member.
- USDA mortgage financing. This program allows for zero-down financing. There are income and property location restrictions.
"Many details arise during the home-buying process," says Paul Sapienza, Executive Vice President at Drew Mortgage, MAFCU's lending partner. "When MAFCU members are equipped with the right information, those details can work for them, not against them."
For more information or to speak to one of MAFCU's lending experts, call 617-278-5600 and press 2.
