Massachusetts VA Loans
Deciding to purchase a house in Massachusetts is a huge financial decision, but with the unique benefits provided by the VA loan, your dream of homeownership just got that much easier.
With the average listing price of a home in Massachusetts landing at $979,848, the VA loan’s signature $0-money-down benefit is a considerable advantage for Massachusetts homebuyers.
See also: VA Loan Options for Other States
How to get a VA Loan in Massachusetts
VA loans are made by private lenders and guaranteed by the Department of Veterans Affairs. Because private lenders make the loans and not the VA, you need to find a lender licensed in the state you plan to purchase or refinance.
For example, if you're purchasing a home in Springfield, MA, you'll need to find a lender licensed in Massachusetts to do the loan.
Other Considerations for Getting a VA Loan in Massachusetts
VA borrowers in Massachusetts should also consider the cost and impact of VA loan limits and property taxes when making their home purchase.
Massachusetts VA Loan Limits
As of January 1, 2021, VA borrowers in Massachusetts with their full VA loan entitlement are not restricted by VA loan limits. This means you can borrow as much as a lender is willing to lend without needing a down payment.
However, veterans without their full VA loan entitlement are still bound to Massachusetts’ VA loan limits.
Massachusetts VA Loan Limits by County
| County | Loan Limit |
|---|---|
| Dukes | $1,089,300 |
| Essex | $828,000 |
| Middlesex | $828,000 |
| Nantucket | $1,089,300 |
| Norfolk | $828,000 |
| Plymouth | $828,000 |
| Suffolk | $828,000 |
| All other areas | $726,200 |
Property Taxes in Massachusetts
Another consideration for VA buyers in Massachusetts is property taxes. For certain VA buyers, there are exemptions.
You may be eligible for a property tax exemption in Massachusetts if you meet one of the following conditions:
- A disabled veteran may receive an exemption on their residence if all qualifications are met
- One must be at least 10 percent disabled
- Must have lived in Massachusetts for six months prior to enlisting
- Have lived in the state for five consecutive years
- An exemption of $400 may be received if the veteran is 10 percent or more disabled, a Purple Heart recipient or Gold Star parent
- A $750 exemption may be received if the veteran lost the use of one hand, one foot, or one eye
- $1,250 may be received if the veteran lost the use of both hands, both feet or a combination of the two, or if the veteran is blind in both eyes as a result of service
- A veteran may receive a $1,500 exemption if a veteran is 100 percent disabled as a result of service
If you are required to pay property tax in Massachusetts, the American Community Survey by the U.S. Census Bureau estimates you may pay the following in each county:
| County | Property Tax Rate |
|---|---|
| Barnstable County | 0.80% |
| Berkshire County | 1.44% |
| Bristol County | 1.23% |
| Dukes County | 0.59% |
| Essex County | 1.25% |
| Franklin County | 1.62% |
| Hampden County | 1.71% |
| Hampshire County | 1.53% |
| Middlesex County | 1.23% |
| Nantucket County | 0.31% |
| Norfolk County | 1.24% |
| Plymouth County | 1.36% |
| Suffolk County | 0.77% |
| Worcester County | 1.49% |
How VA Loans Work in Massachusetts
View the graphic below to learn more about how VA loans work in Massachusetts.
