Massachusetts Housing Partnership (income-eligible mortgages, affordable housing development loans)
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Source: http://www.bostonglobe.com/magazine/2014/02/02/what-you-need-know-about-mortgages/elZHSYcVpoGslwX4UIkuEJ/story.html
The Massachusetts Housing Partnership (617-330-9955, mhp.net), a quasi-public nonprofit affordable-housing organization, has a program called ONE Mortgage — recently changed from SoftSecond. For first-time buyers with less than $75,000 in liquid assets and an income of $33,400 to $75,460 for one person, depending on what region you live in, it offers loans with down payments as low as 3 percent with no private mortgage insurance. Income-eligible buyers may also qualify for subsidies in the first seven years of ownership.
The Massachusetts Housing Partnership, like MassHousing, is exempt from some of the qualified mortgage rules, which gives it a little more flexibility. “Some first-time home buyer mortgage programs with proven track records did get exemptions,” says Gina Govoni, the partnership’s director of home ownership. A 660 credit score for single-family purchases and 680 for multifamily purchases is needed, however, and, like all of these programs, ONE Mortgage also requires borrowers to take home buyer education classes through one of the 50 or so home buyer counseling agencies throughout the state.