Massachusetts Assistance Programs
Massachusetts, steeped in history and culture, offers a rich and fulfilling lifestyle for homebuyers. From Boston's urban vibrancy to serene coastal towns, it caters to diverse tastes. With excellent schools and job opportunities, it's an ideal choice. Be sure to compare our current rates to secure an affordable mortgage in Massachusetts.
If you have any questions about securing the best mortgage rates in Massachusetts, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.
Massachusetts First-time Homebuyer Programs
To make the homeownership journey affordable, first-time home buyers in Massachusetts can access loan programs that feature low down payments and competitive interest rates. MassHousing is a Quasi-public agency that offers affordable housing solutions that support first-time home buyers in Massachusetts. Their programs offer financial assistance, including down payment assistance and low-interest mortgage rates in MA.
Additionally, the Massachusetts Housing Partnership is another nonprofit organization that helps foster community stability and support the dream of homeownership for Massachusetts residents.
Total Mortgage has 25 years of expertise in helping first-time home buyers in Massachusetts get the best mortgage deals for their first homes. To better understand the eligibility criteria and program details, you can start by speaking to one of our seasoned experts.
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.
Other Massachusetts Homebuyer Programs
The below mentioned programs are for informational purposes only and may not be offered by Total Mortgage. We strive to provide comprehensive information about various mortgage assistance options available in the market. Eligibility requirements and program availability vary depending on your location, income, and loan type. We recommend you contact a Total Mortgage Loan Officer directly for details on qualification and enrollment.(Check your eligibility)
Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.
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
Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.
*Terms and Conditions Apply. For complete details click here.
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