Areas We Serve

Griffin Funding offers home loans across the state of Massachusetts, catering to diverse communities in the state’s most populous cities. Some of the cities we serve include: 

  • Boston
  • Worcester
  • Springfield
  • Cambridge
  • Lowell
  • Brockton
  • New Bedford
  • Quincy
  • Lynn
  • Newton

No matter where you decide to invest in Massachusetts, our team of mortgage professionals is here to assist you in finding a home loan tailored to your needs. Explore our range of Massachusetts home loans today.

How Do Home Loans Work in Massachusetts?

The home buying process in Massachusetts will look very similar to the process that takes place in any other state. The first steps in getting a mortgage in Massachusetts involve finding a lender and determining what type of loan you’d like. 

It’s important to choose a loan that aligns with your goals and your financial situation. For instance, a real estate investor might be interested in a DSCR loan, whereas someone looking for a primary residence may be interested in a conventional loan. If you’re not sure what home financing product is right for you or you’d like to explore your options, make sure to speak with your lender and explain what your goals are. 

Once you’ve found a lender and determined which mortgage you’d like, you can submit an application and get pre-approved. Getting pre-approved for a mortgage allows you to lock in an interest rate and see how big of a loan you qualify for. Having a pre-approval letter in hand can also help make you more competitive when making an offer on a home. 

After house hunting and finding a home you want to buy, you’ll fill out a complete mortgage application and go through the underwriting process. While loan processing times can vary depending on the type of loan you get and other circumstances, our team strives to complete the home loan process in 30 days or less. 

Once you’ve signed the closing documents, your funds will be released and you’ll be able to follow through with the purchase. After closing on the loan, mortgage repayment begins and you’ll make monthly payments according to the terms of your loan. If you have any questions or concerns during the mortgage process, our team of mortgage professionals will be more than happy to help. 

Types of Mortgages We Offer in Massachusetts

We offer a wide range of Massachusetts mortgage products to cater to all types of borrowers. Some of the mortgage types currently available in Massachusetts include: 

  • VA Loans: VA loans are specifically designed for veterans, active-duty service members, and eligible surviving spouses. These loans are guaranteed by the U.S. Department of Veterans Affairs, offering favorable terms such as no down payment or private mortgage insurance (PMI) requirements. VA loans provide an excellent opportunity for eligible individuals to achieve homeownership with no money down and competitive mortgage rates in MA. 
  • DSCR Loans (Debt Service Coverage Ratio Loans): DSCR loans cater to real estate investors who may not meet traditional income documentation requirements. Instead of relying solely on personal income, these loans consider the potential income generated by the property being financed. Lenders assess the property’s debt service coverage ratio to ensure it generates sufficient income to cover mortgage payments and other expenses.
  • Bank Statement Loans: Bank statement loans are ideal for self-employed individuals or those with non-traditional income sources who may have difficulty providing conventional income documentation. Instead of W-2 forms or tax returns, these loans rely on bank statements to verify income. Borrowers typically provide several months of bank statements to demonstrate their earning capacity and financial stability.
  • Conventional Loans: Conventional loans are not insured or guaranteed by any government entity. These loans typically require a down payment, with options ranging from 3% to 20% or more, depending on the borrower’s qualifications and loan program. Conventional mortgages have stricter qualification criteria compared to government-backed loans but offer competitive interest rates and flexible terms for eligible borrowers.
  • ITIN Loans: A Massachusetts ITIN loan can help foreigners without a Social Security number (SSN) become homeowners or real estate investors in the State.
  • FHA Loans: An FHA loan is recommended for buyers who do not have funds available for a large down payment. Since these loans are insured by the FHA (Federal Housing Administration), you can buy a house with as little as 3.5% down. 
  • USDA LoansDepending on where you want to buy a home in Massachusetts, you may be able to apply for a USDA mortgage. These loans are reserved for homes in qualifying rural areas.
  • Asset-Based Loans: When you take out an asset-based loan, you’re borrowing against the value of your assets. The more valuable your assets are, the more financing you can receive. This enables borrowers to tap into the equity of their assets and access financing. 
  • Home Equity Loans: Access equity in your home and turn it into cash without touching your existing first mortgage.

Each of these mortgage types offered by Griffin Funding caters to different borrower profiles and financial situations. This provides a good deal of flexibility for individuals who want to secure a mortgage in Massachusetts, whether they’re a first-time buyer, a seasoned buyer, or a real estate investor. 

Massachusetts Mortgage Programs

In Massachusetts, there are several popular home buying programs that can help individuals buy a house. Here are some notable programs:

  • MassHousing Mortgage Program: Administered by MassHousing, this program offers affordable mortgage options with competitive interest rates and low down payment requirements. It provides various loan products tailored to first-time home buyers, low-to-moderate-income borrowers, and those with less-than-perfect credit scores.
  • Massachusetts Housing Partnership (MHP) ONE Mortgage Program: The MHP ONE Mortgage Program is designed to assist first-time home buyers in purchasing a house by providing low down payment options, fixed-rate mortgages, and financial assistance for down payment and closing costs. It aims to make homeownership more accessible and sustainable for Massachusetts residents.
  • Massachusetts Housing Finance Agency (MassHousing) Down Payment Assistance Program: This program offers down payment assistance grants or loans to eligible first-time home buyers, helping them overcome the barrier of saving for a down payment. It provides financial support to qualified borrowers, making homeownership more achievable.
  • Massachusetts Affordable Housing Alliance (MAHA) Mortgage Program: The MAHA Mortgage Program assists low-to-moderate-income borrowers in purchasing homes by offering affordable mortgage options, down payment assistance, and home buyer education programs. It aims to empower individuals and families to achieve sustainable homeownership.
  • Non-QM Mortgage Programs: In addition to traditional mortgage programs, Massachusetts mortgage lenders like Griffin Funding offer non-QM mortgage options for borrowers who may not meet conventional lending criteria. These programs provide flexibility in underwriting standards, allowing individuals with unique financial circumstances, self-employed individuals, or those with non-traditional income sources to access financing for purchasing a house.

These popular home buying programs in Massachusetts cater to a wide range of borrowers, providing opportunities for individuals with varying financial backgrounds and homeownership goals. Whether through conventional programs or non-QM mortgage options, Massachusetts residents have access to resources to help them achieve their dream of buying a house.

How to Qualify for a Mortgage in Massachusetts

When applying for a mortgage in Massachusetts, several qualification criteria are considered by lenders. These typically include:

  • Credit Score: Lenders assess your credit score to evaluate your creditworthiness, impacting your loan terms.
  • Income and Employment History: Your stable income and employment history are crucial factors for mortgage approval.
  • Debt-to-Income Ratio (DTI): Lenders prefer a lower DTI ratio, showing your ability to manage existing debts and new mortgage payments.
  • Down Payment: Your down payment amount influences mortgage eligibility and terms, with larger payments often leading to better terms.
  • Assets and Reserves: Your savings and investments demonstrate financial stability and ability to handle unexpected expenses.
  • Credit History: Lenders review your payment history and debts, emphasizing responsible financial behavior.
  • Property Appraisal: The property’s value and condition affect mortgage approval, verified through a property appraisal.

What credit score is needed to purchase a home in Massachusetts?

In Massachusetts, credit scores as low as 580 can qualify for certain loans, but higher scores typically lead to better rates and terms. It’s important to note that specific credit score requirements may vary depending on the lender and the type of loan. Generally, aiming for a higher credit score, ideally above 620 or 640, can increase your chances of securing more favorable mortgage options with lower interest rates and more flexible terms.

What is the minimum down payment for a Massachusetts mortgage?

In Massachusetts, the minimum down payment for a mortgage varies depending on the loan type. For VA or USDA loans, it could be as low as zero percent down, while FHA loans typically require a minimum down payment of 3.5%. For traditional mortgages, a 20% down payment is ideal to avoid private mortgage insurance (PMI), but it’s possible to put down less money (although PMI may be required in this case). The specific down payment requirement will depend on the loan program and your financial situation.

Secure a Competitive Mortgage Rate in Massachusetts

Looking to secure a competitive mortgage rate in Massachusetts? Look no further than Griffin Funding. With our extensive experience in the market, we offer a wide range of loan options tailored to your needs. Whether you’re a first-time home buyer or looking to refinance, Griffin Funding provides personalized solutions to help you achieve your homeownership goals.

Our commitment to excellence is evident through our competitive rates and flexible terms. Plus, with the convenience of the Griffin Gold app, managing your mortgage process has never been easier. From pre-approval to closing, track your progress and stay informed every step of the way.

Don’t let the complexities of securing a mortgage deter you from homeownership. Trust Griffin Funding to guide you through the process with expertise and efficiency. Apply for a loan today and experience the difference with Griffin Funding by your side.