Here at Consumer Real Estate Finance Co., we understand that phrases like “no money down,” and “low interest loans” can cause hesitation among home buyers – especially in light of the nation’s current real estate struggles. For this reason, it has become our mission to help make the public aware of the USDA loan program. With the backing of the United States Department of Agriculture, these “no money down” loans are helping bring a little peace of mind to the home buying process.

Because they are backed by the federal government, the many benefits of the USDA Loan Program include:

  • 100% Financing up to the appraised value
  • NO private mortgage insurance for qualifying Massachusetts homes
  • Flexible Massachusetts credit qualifications
  • No Massachusetts loan amount limitations

Massachusetts Areas that Qualify for Rural Development Loans

It is important to note that the USDA Home Loan program (also referred to as the Rural Development Loan Program) was created to help build the nation’s rural areas. Because of this, homes located within major cities are not USDA Loan Eligible.

The good news is that there are a surprisingly large number of Massachusetts homes that do qualify for these rural development loans, some of which lie just outside of major metropolitan areas. To be eligible, the Massachusetts property must be outside of city limits and located in an area of less than 20,000 residents. For more information on Massachusetts Rural Development Loans, please fill out the application on this page, or call one of our certified USDA loan agents at 1-866-854-4242.

Massachusett’s USDA Loan Income Limits by County

There are a few other restrictions which affect USDA Loan eligibility in Massachusetts. These include credit history and income limits.

Credit History: The USDA Rural Development loan program does not have a strict credit score guideline. Rather, it evaluates your credit history in an effort to ascertain your willingness to meet repayment obligations.

Income Limits: If the home is in an eligible area, you must not exceed the current yearly USDA income limit set for your county. View the chart below for a list of Massachusetts USDA Loan Income Limits by county.

Massachusetts USDA Loan Adjusted Maximum Income Limits by County
Updated 05/01/2009

STATE:MASSACHUSETTS PROGRAM 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
Barnstable Town MA MSA VERY LOW INCOME 30200 34500 38800 43100 46550 50000 53450 56900
LOW INCOME 45500 52000 58500 65000 70200 75400 80600 85800
MOD.INC-GUAR.LOAN 100900 100900 100900 100900 133200 133200 133200 133200
Brockton MA HUD Metro FMR Area VERY LOW INCOME 30750 35150 39550 43900 47450 50950 54450 57950
LOW INCOME 45500 52000 58500 65000 70200 75400 80600 85800
MOD.INC-GUAR.LOAN 100900 100900 100900 100900 133200 133200 133200 133200
Lawrence MA-NH HUD Metro FMR Area VERY LOW INCOME 31350 35800 40300 44750 48350 51950 55500 59100
LOW INCOME 45500 52000 58500 65000 70200 75400 80600 85800
MOD.INC-GUAR.LOAN 100900 100900 100900 100900 133200 133200 133200 133200
Lowell MA HUD Metro FMR Area VERY LOW INCOME 32550 37200 41850 46450 50200 53900 57600 61350
LOW INCOME 45500 52000 58500 65000 70200 75400 80600 85800
MOD.INC-GUAR.LOAN 100900 100900 100900 100900 133200 133200 133200 133200
Pittsfield MA HUD Metro FMR Area VERY LOW INCOME 30200 34500 38800 43100 46550 50000 53450 56900
LOW INCOME 45500 52000 58500 65000 70200 75400 80600 85800
MOD.INC-GUAR.LOAN 100900 100900 100900 100900 133200 133200 133200 133200
New Bedford MA HUD Metro FMR Area VERY LOW INCOME 25600 29250 32900 36600 39500 42450 45350 48300
LOW INCOME 41000 46850 52700 58550 63250 67900 72600 77300
MOD.INC-GUAR.LOAN 84150 84150 84150 84150 111100 111100 111100 111100
Providence-Fall River RI-MA HUD Metro FMR Area VERY LOW INCOME 26500 30250 34050 37800 40850 43850 46900 49900
LOW INCOME 42350 48400 54450 60500 65350 70200 75000 79850
MOD.INC-GUAR.LOAN 86950 86950 86950 86950 114750 114750 114750 114750
Taunton-Mansfield-Norton MA HUD Metro FMR Area VERY LOW INCOME 31050 35450 39900 44300 47850 51400 54950 58500
LOW INCOME 46300 52950 59550 66150 71450 76750 82050 87350
MOD.INC-GUAR.LOAN 95100 95100 95100 95100 125550 125550 125550 125550
Springfield MA HUD Metro FMR Area VERY LOW INCOME 30200 34500 38800 43100 46550 50000 53450 56900
LOW INCOME 45500 52000 58500 65000 70200 75400 80600 85800
MOD.INC-GUAR.LOAN 100900 100900 100900 100900 133200 133200 133200 133200
Fitchburg-Leominster MA HUD Metro FMR Area VERY LOW INCOME 30200 34500 38800 43100 46550 50000 53450 56900
LOW INCOME 45500 52000 58500 65000 70200 75400 80600 85800
MOD.INC-GUAR.LOAN 100900 100900 100900 100900 133200 133200 133200 133200
Western Worcester County MA HUD Metro FMR Area VERY LOW INCOME 30200 34500 38800 43100 46550 50000 53450 56900
LOW INCOME 45500 52000 58500 65000 70200 75400 80600 85800
MOD.INC-GUAR.LOAN 100900 100900 100900 100900 133200 133200 133200 133200
Worcester MA HUD Metro FMR Area VERY LOW INCOME 30800 35200 39600 43950 47500 51000 54500 58050
LOW INCOME 45500 52000 58500 65000 70200 75400 80600 85800
MOD.INC-GUAR.LOAN 100900 100900 100900 100900 133200 133200 133200 133200
Dukes County MA VERY LOW INCOME 31350 35800 40300 44750 48350 51950 55500 59100
LOW INCOME 47200 53950 60700 67450 72850 78250 83650 89050
MOD.INC-GUAR.LOAN 100900 100900 100900 100900 133200 133200 133200 133200
Nantucket County MA VERY LOW INCOME 38300 43800 49250 54700 59100 63500 67850 72250
LOW INCOME 61250 70000 78750 87500 94500 101500 108500 115500
MOD.INC-GUAR.LOAN 125800 125800 125800 125800 166050 166050 166050 166050

 

Remember, Consumer Real Estate Finance Co. is here to answer all your questions. For help applying for a Massachusetts USDA loan, contact us today.