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Ride the "T" to Work

Special Mortgage Products: Ride the "T" to Work

The Take the “T” to work Program is a partnership between MassHousing, the Mass Bay Transportation Authority, and community banks in the MBTA’s service area to help qualified regular and frequent “T” riders to buy a home with no down payment and in close proximity to public transportation.

The program is for “T” riders whose household income does not exceed 135% of the HUD median household income in the city/town where the home is located. To find the income limit for the town the property is located in click here http://www.mhfa.com

Eligibility:

• Borrower’s must show a demonstrated regular and frequent use of public transportation offered by the MBTA throughout their service area
• Borrower’s must complete a homebuyer counseling course, which is offered by South Shore Housing. For more information on workshops date click here.
  
• Property Restrictions for Take the “T” Program:
  Borrower must use the loan to purchase primary residence
• 100% financing is available for single family homes and condominiums
• 97% financing is available for two, three, and four family properties
  

Mortgage Rates and Terms:

• Mortgages are offered as a thirty-year adjustable rate with no points
• Interest rate is locked for the first five years
• Interest rate caps restrict the amount by which the rate can increase after the fifth year
  

Underwriting Criteria:

• Borrowers must have good credit
• Borrower’s total housing debt cannot exceed 38% of gross income
• Borrower’s total monthly debt cannot exceed 45% of gross income
• No reserves required for single family home purchases
• Two months reserves suggested for two, three and four family properties