Self-Employed loan snapshot for Massachusetts
| Item | Estimate |
|---|---|
| Minimum down payment | 3%–10% |
| Minimum credit score | 620–660 |
| Typical MA home value | $525,800 |
| 3.5% down on typical home | $18,403 |
| 20% down on typical home | $105,160 |
| Avg. effective property tax | 1.11%/yr (~$485/mo) |
| Income for typical home (31% rule) | $168,000 |
Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.
Which Massachusetts programs pair with Self-Employed loans?
- MassHousing Down Payment Assistance: A deferred second loan toward down payment and closing costs for eligible buyers.
- Workforce Advantage: Higher assistance and reduced mortgage insurance for moderate-income first-time buyers.
Details and current limits: MassHousing.
What documents do self-employed borrowers need?
- Two years of personal federal tax returns (all schedules).
- Two years of business returns (1120S, 1065 or 1120) if applicable.
- Year-to-date profit and loss statement.
- Business license or CPA letter verifying the business.
- Recent personal and business bank statements.
Full-doc vs bank-statement loans
| Full documentation | Bank-statement (non-QM) | |
|---|---|---|
| Income source | Tax returns | 12–24 months of deposits |
| Down payment | 3%–5%+ | Usually 10%+ |
| Rate | Market | Typically higher |
Self-Employed loans in Massachusetts cities
BostonWorcesterSpringfieldCambridgeLowellBrocktonQuincyLynnNew BedfordFall RiverNewtonLawrenceSomervilleFraminghamHaverhillMaldenWalthamBrooklineRevereTauntonMedfordWeymouth TownChicopeePeabodyMethuen TownEverettBarnstable TownAttleboroArlingtonSalemLeominsterPittsfieldBeverlyFitchburgMarlboroughWoburnWestfieldChelseaBraintree TownHolyokeAmherst TownWatertown TownRandolph TownLexingtonFranklin TownNeedhamNorwoodNorth Attleborough TownWellesleyGloucesterMelroseBridgewater TownNorthamptonWest Springfield TownSaugusAgawam TownMiltonDanversMilfordWakefieldBelmontBurlingtonReadingDedhamWilmingtonStonehamWinchesterGardnerMarbleheadWinthrop TownNewburyportSomersetSouthbridge TownGreenfieldAmesbury TownAbingtonEasthampton TownLongmeadowHudsonSwampscottLynnfieldNorth AdamsPalmer TownWebsterSouth YarmouthHolbrookNantucketMaynardHull
Frequently asked questions
Yes. Self-Employed loans are available statewide in Massachusetts through approved lenders, subject to county loan limits where they apply.
Often yes. MassHousing and local programs frequently pair assistance with FHA, conventional, VA or USDA first mortgages. Eligibility depends on income, price and program rules.
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Get My MatchesFigures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.