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BEHIND THE REAL ESTATE BLOG • February 8, 2023

FIRST-TIME HOME BUYER PROGRAMS IN MASSACHUSETTS

by Stefanos Galouzis

First-time homebuyers in Massachusetts may be eligible for special interest rates and programs that can help make the process of buying a home more affordable.

One such program is the MassHousing Mortgage, which is a government-insured loan that is available to first-time homebuyers. This loan features a lower down payment requirement and a below-market interest rate.

Another program available in Massachusetts is the ONE Mortgage Program, which is offered by the Massachusetts Housing Partnership. This program is designed to help first-time homebuyers with low to moderate incomes and is available to both buyers and refinancers. The program offers low down payment options, below-market interest rates, and down payment and closing cost assistance.

The Federal Housing Administration (FHA) also offers a mortgage program that is available to first-time homebuyers. This program is designed to help buyers with low to moderate incomes and features a lower down payment requirement and flexible credit guidelines.

Additionally, the Veterans Affairs (VA) also offers a mortgage program that is available to veterans, active-duty military, and surviving spouses. This program features a lower down payment requirement and no private mortgage insurance (PMI) requirement.

It’s important to note that these programs have certain eligibility requirements and it’s best to check with the specific program to see if you qualify. Additionally, interest rates can fluctuate and it’s best to check with a lender or mortgage professional for the most up to date information.

In summary, there are special interest rates and programs available in Massachusetts for first-time home buyers such as MassHousing Mortgage, ONE Mortgage Program, FHA and VA mortgage program. These programs feature low down payment options, below-market interest rates and down payment and closing cost assistance. It’s important to check with the specific program to see if you qualify and also check with a lender or mortgage professional for the most up to date information on interest rates.

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