Mid-Island Mortgage Corp. and East Cambridge Savings Bank have been approved as lenders of MassHousing’s MassAdvantage family of affordable home loan products to low- and moderate-income homebuyers.

MassHousing, a quasi-public authority charged with increasing affordable home ownership opportunities in Massachusetts, does not originate its own loans. As a MassHousing-approved lender, Mid-Island Mortgage Corp. and East Cambridge Savings Bank will be able to originate MassHousing’s MassAdvantage home mortgage loans for income-eligible homebuyers in Massachusetts.

These loans have low- and no-down payment options and below-market interest rates that can save homeowners hundreds of dollars a year, and thousands of dollars over the life of the loan, the organization said in a statement.

Borrowers who put less than 20 percent down on a home receive MassHousing’s MI Plus, an enhanced mortgage insurance policy that helps pay the borrower’s mortgage for up to six months in the event they lose their job.