Massachusetts

MassHousing Mortgage

This is one of the most popular programs for first-time home buyers in Massachusetts, as it is tailored specifically for first-time home buyers. MassHousing is a not-for-profit organization that sells bonds and uses the profits to offer financial support to low-income and moderate-income borrowers. The down payment rates are as low as 3% and offer competitive interest rates. This is the one for you if you are looking for stable and transparent financing options.

Other noteworthy points are -

• MI Plus or payment protection that covers the principal and interest on your loans in case of a job loss for up to six months and up to $2,000 monthly.
• The borrower must meet the requisite eligibility conditions of mortgage lenders and finish the homebuyer education course.
• The down payment assistance is offered for a primary residence, a condominium, or a single- to four-family home.

MassHousing Purchase and Renovation Loan

This program for first-time home buyers in Massachusetts has a single manageable loan combining the purchase price and renovation costs. If you wish to personalize your new home or if it needs repairs, this program is for you. It is a rehabilitation loan option where the borrower finances 75% of the appraised value.

Other requirements are -

• The loan applies to a single- to four-family home.
• The renovation amount borrowed should be a minimum of $10,000.
• All income limits of MassHousing should be met.

Other Programs for First-Time Home Buyers in Massachusetts

• Boston First-Time Homebuyer Program: If your property is Boston-based, you can get a first-time homebuyer grant of up to 5% of the purchase price of your home. You can get grants between $30,000 and $50,000 depending on the percentage of AMI you earn.
• Worcester Down Payment Assistance: If you are buying a first-time home in Worcester, you can get a first-time homebuyer grant of up to $25,000 or up to 3.5% of the purchase price.

  Other Massachusetts First-Time Home Buyer Grants & Loans: FHA Loans, VA Loans, USDA Loans, HomeReady and Home Possible Loans are all designed to aid first-time homebuyers in Massachusetts with various benefits tailored to their needs.

MassHousing Down Payment Assistance Program

For most homeowners, the down payment is the biggest hurdle. Down payment assistance MA offers up to 10% of the home's purchase price to buyers in the state. The amount is usually between $30,000 and $50,000, based on the house's location.

Massachusetts Housing Partnership (MHP) ONE Mortgage

This down payment assistance program offers low payments with reduced interest rates and no PMI. The monthly current mortgage rates in Massachusetts are affordable; MHP has a 30-year fixed-rate loan suitable for low- and moderate-income buyers. No requirements for private mortgage insurance are available for this loan.

Some of the requirements are -

• 3% down payment assistance MA for a condo, a single or two-family home.
• 5% down payment assistance for a 3-family home.
• Assets need to be within $75,000.
• Must meet the minimum credit scores and income limits.

FHA Loans

Facilitated by the Federal Housing Administration, FHA loans offer low down payments, as low as 3.5%, and you require a minimum credit score of 580.

VA Loans

Available to veterans & active military personnel, VA loans offer competitive rates and do not require a down payment.

USDA Loans

Designed for rural homebuyers, the US Department of Agriculture requires no down payment, and homebuyers get up to 100% loans with low-interest rates.

HomeReady and Home Possible Loans

These programs for first-time homebuyers in Massachusetts are offered by Fannie Mae and Freddie Mac and are designed to serve low- to moderate-income homebuyers, offering competitive mortgage rates