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First-Time Homebuyer Programs in Massachusetts 2023

Posted by techceptionpk_admin on March 31, 2022

2023 is a seller’s year. Just like the rest of the country, first-time homebuyer programs in Massachusetts find themselves in a seller’s market. Rising prices and housing shortages are causing a fuss for first-time buyers. 

The good news? Despite rising prices, the state offers first-time homebuyers in Massachusetts. These give access to low-interest loans and other programs that can help make homeownership more reasonable. There are choices available through MassHousing and the MA Housing Partnership. Both of these are non-profit institutions.

1- My Mass Mortgage

My Mass Mortgage is a website designed by the state of MA. It is your guide to finding cheap and dependable state-sponsored mortgage products. MassHousing and MHP can help you understand what mortgage product will work best for your needs. From first-time homebuyer education course to choosing and purchasing your new home

2- Homebuyer Programs in Massachusetts: Loans

The Commonwealth of MA provides a bunch of initiatives to assist first-time homebuyers with the process.

  • MassHousing Loan Program 

MassHousing offers a fixed-rate mortgage with MI Plus. It is a sort of mortgage protection that covers the loan principal and interest in the event of job loss. It is one of the well-known first-time homebuyer programs in Massachusetts. MI Plus covers payments of up to $2,000 per month for a duration of up to six months.

Requirements For This Program are: 

  • Must meet the mortgage lender’s credit and eligibility conditions.
  • A homebuyer education course is necessary. 
  • Income limits are set by MassHousing. 
  • You must engage with a lender who has been approved.
  • It must be a single-family home, a condo, or a multi-family residence.
  • MassHousing Renovation and Purchase Loan Program

MassHousing provides “rehabilitation” loans as a part of its homebuyer programs in Massachusetts. This program allows you to borrow money for the purchase and remodeling of your house. For renovation expenses, the borrower can borrow up to 75 percent of the home’s “as-completed” appraised value.

Requirements For This Program are: 

  • Must meet the mortgage lender’s credit and other eligibility conditions.
  • The amount that you borrow for renovations must be at least $10,000. It includes the renovation cost, inspection and title fees, and a contingency reserve.
  • Income limits are set by MassHousing.
  • It must be a single-family home to a four-family home. 

MHP: ONE Mortgage Program

Homebuyers in Massachusetts include a program designed for low-to-moderate-income families. The MA Housing Partnership offers “ONE” mortgage program, which is a 30-year fixed loan. The program aims to assist people with their monthly mortgage payments. 

Requirements For This Program are:

  • For a single-family or two-family home or condo: a 3% down payment.
  • For a three-family home, a 5% down payment. 
  • Single-family homes or condos have a credit score of 640. 
  • Two- or three-family property, have a credit score of 660 at least.  
  • A debt-to-income ratio of 38 percent.
  • Assets, excluding college and retirement funds, cannot exceed $75,000.
  • Complete homebuyer education courses.
  • Meet MHP income limits.
  • Residence should be primary.

3- MassHousing Welcome Home Program

MassHousing provides an “Operation Welcome Home” program to military members and veterans. It provides a fixed-rate mortgage to first-time homebuyers in Massachusetts. 

Operation Welcome Home is a MassHousing initiative that provides a fixed-rate mortgage to first-time homebuyers. 

In addition to the loan, the program provides up to $2,500 in closing costs assistance. One can pair this with MassHousing down payment help. 

Requirements For This Program are: 

  • Borrowers must be members of the National Guard or Reserves, Veterans, and Gold Star family members.
  • Members have to meet income limits to qualify.

4- Homebuyer Programs in Massachusetts: Down Payment Assistance

MassHousing offers down payment assistance to first-time homebuyers of up to $15,000 or 5% of the home’s purchase price. The help comes in the shape of a 15-year fixed-rate loan with a 2% annual interest rate. The borrower has to return the loan once when they sell/refinance the house. 

Requirements For This Program are: 

  • Must meet MassHousing income limits.
  • Must be a single-family home, a condo, or a multi-family residence. 
  • Down Payment Assistance: Workforce Advantage

Workforce Advantage is a first-time homebuyer program that provides $25000 in downpayment assistance. Borrowers receive a fixed-rate mortgage and a zero-interest down payment assistance loan. The borrower has to return the loan once when they sell/refinance the house. 

Regentology Can Help You Buy The Ideal Home In Massachusetts

Buyers can often feel confused by all the first-time homebuyer programs. Regentology can simplify the process for you. Our team of experts will connect you with real estate agents in your area. All buying, home loans, and insurance needs will be taken care of for you. Simply fill out the form to get a free consultation.

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