November 2022

What is credit and why does it matter?

Most lenders use your credit score as a determining factor for approval when you are under consideration for a mortgage or home loan. It is important to know that conventional loans typically require your credit score is 620 or higher, while MassHousing generally requires a score of 640.

Credit is complicated, understand what impacts your score and monitor it regularly.

Build your credit but be careful of timing.

Ensuring that you have ample credit is important, but opening new lines of credit near the time of your new home purchase may negatively impact your score. Learn about all the ways you can build your credit here.

Already have a credit history? Start monitoring your score now to stay in the know!

Tools like Credit Karma and other apps/websites allow you to view frequent updates on your credit score. Start monitoring your score today so you can be ready and informed at the time of purchase.

Homebuying Term to know:

Lender

a bank or company that offers mortgage/home loans to borrowers.

MassHousing works with lenders, real estate professionals, community-based organizations and others to promote responsible and sustainable homeownership throughout Massachusetts.

Homebuyer Education

Knowledge is power, and the information you obtain through a MassHousing-approved homebuyer education course will help you as a homebuyer and as a homeowner. Free credit counseling is also available through many of the course providers, be sure to check the organization's offerings when booking your class!

Find more resources at MassHousing.com

Steps to Homeownership

First-time homebuyers can follow these steps to owning a home in Massachusetts.

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Products for buyers

Down payment assistance, affordable mortgage loans and more!

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Am I eligible?

See if a MassHousing Mortgage might be right for you.

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