Very confused about Mortgage options (MA)My husband and I are looking to purchase a home in Worcester MA. I am a graduate student, work part time and have lots of student loans. He was planning on purchasing the home himself as he has a great job which he has been at for eight years and no debt (paid off credit cards, car, etc). He has decent credit and enough for a 5% downpayment at the moment but still saving up. He can also afford it on his salary alone.We would like to buy a single family 2-3 bedrooms that is in need of some renovation but not a total rehab situation. Our realtor has shown us several in the area that could be good options we are just very confused about our financing options.He was pre-approved for Masshousing but we really do not know what that is. The banker said we would need to do 80/20 to use this option. The website says different. We do not really understand what this is. She also said they will not finance anything below 100k which several in Worcester are below 100k. We are also trying to figure out if Masshousing has any sort of rehab program.He was also pre-approved for FHA. I have heard since we are married if we go FHA my debt may be figured in or that my credit has to be run even as a non-purchasing spouse? Is this the case in Massachusetts? The 203k or 203b option sounds like it is what we would be looking for but we don't know if he can do it alone. I am sure my student loan debt would make his debt ratio too high.Lastly we have heard about the "Buy Cities" program does anyone know what that is?We are looking to see what are the pluses and minuses of each loan. Any help you could offer would be great. Thanks!August 27 2011 - Worcester00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.