This is a good resource for finding out that may be able to help you with your questions. There is also an application on the right hand side of the screen for you to review .
The best bet is to talk with a good lender. I can refer several to you (including one at Mortgage Master's, from the website above) that will provide professional advice if you like.
My question to you is why are you looking just at that program? MA Housing is a great program for people with less than perfect credit, low down payment, etc. The benefit to that program is there are limited pricing or rate adjusters should your credit not be excellent or if you are purchasing a condo.
We have conventional programs with 3% down that may be better for you if your credit is excellent. There is no need for a soft 2nd, more flexible ratio requirements than MA Housing, no homebuyer courses to take, and no potential payback of the subsidy that MA housing uses to fund the program should you sell down the road. You can even buy out your PMI at a lower cost completely. Hopefully you have done your exploring and found out that MA Housing is the best for you...if not we are right in Westborough as well and would be more than happy to talk with you for a 2nd opinion.
Prestige Home Mortgage
Vice President Residential Lending
At the end of the day only a qualified loan officer is able to answer your specific questions. Qualifications differ depending on the specific available lending program/product and other important variables.
I hope this helps. Good luck in your purchase journey.
Kevin L. Santos
I would call Gene Michael Deary at Bank of Canton. 508-832-0078. he is an expert on these loans. I have sent many clients to him. After you get preapproved, please feel free to call me about your home search or log onto my website at http://www.centralnewenglandhomes.com to begin your search.
I highly recommend the following individual for Mass Housing Loans and she's right in Wesborough:
Senior Loan Consultant
Reliant Mortgage Company, LLC
2200 West Park Drive, suite 420
Westborough, MA 01581
508.414.8069 fax 253.498.0149
Please let me know if you need anything else - thanks!