Government Programs
When you need assistance buying a home, government program loans are some of the best options. Since these programs aim to increase homeownership, they often come with lower rates and down payments. At BayCoast Mortgage, we’re proud to make homeownership attainable by helping our customers receive the right government program loan for their goals.
Our Government Program Loans
As you search for the right loan, you’ll likely want to know all your options. BayCoast Mortgage can assist you with loan options from MassHousing, the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), the Federal Housing Administration (FHA), the Department of Veteran Affairs (VA), and the U.S. Department of Agriculture (USDA). Learn more about these government program loans below:
- MassHousing loans: Through our partnership with MassHousing, we make homeownership possible for Massachusetts residents with our MassHousing loans. These loans are an excellent choice for first-time homebuyers, as they often come with down payment assistance and other low down payment choices.
- Fannie Mae loans: Through our work with Fannie Mae, qualified home buyers who turn to us benefit from affordable mortgage financing. Since Fannie Mae purchases mortgages directly from lenders, the program improves the housing market’s flow of capital. Our conventional agency loans follow the guidelines Fannie Mae sets to ensure housing loans are as affordable as possible.
- Freddie Mac loans: Like Fannie Mae, Freddie Mac is a government-sponsored enterprise designed to increase homeownership, helping to improve the flow of credit throughout the economy. Since we’re an approved lender that works with Freddie Mac, we can provide more loans to qualified borrowers, which helps to keep home-buying more affordable.
- FHA loans: FHA loans are designed to help more people become homeowners. Since the FHA insures qualified loans, they make it possible for our team to offer qualified home buyers a better deal. Some of the top benefits of FHA loans include a low down payment, more flexible credit requirements for refinances or purchases, and in-house underwriting.
- VA loans: Through our work with the VA, we’re able to make homeownership a reality for our country’s current service members, veterans, and eligible surviving spouses. When you qualify for one of our VA housing-related programs, you can repair, adapt, retain, or buy a home. The VA loans we offer come with no down payment and a flexible debt-to-income ratio – with no private mortgage insurance requirement.
- USDA loans: If you’re an eligible rural or suburban homebuyer, you might be interested in a USDA loan. These loans are issued by the U.S. Department of Agriculture’s loan program and come with exceptional benefits, such as below-market interest rates, reduced mortgage insurance premiums, and easier guideline requirements. These loans also come with 100% purchase financing in designated areas, such as Westport and Swansea, Massachusetts.
Choose BayCoast Mortgage for Your Next Government Program Loan
With so many government program loans available to you, turn to BayCoast Mortgage to help you find the perfect option for your goals and needs. In addition to our government program loans, we offer conventional and jumbo loans, such as fixed-rate and adjustable-rate loans. When you have a more specialized financing need, you can apply for our more targeted loans like land, construction, and home equity loans.
If you have any questions about our loan products, please feel free to contact us. You can also visit one of our locations to speak with a representative in person.