![]() Once you're preapproved for a mortgage, it's imperative that your financial situation doesn't change. Step 2: Find a great real estate agent in Massachusetts HUD’s list of alternative programs in Massachusetts can be found here. Department of Housing and Urban Development The buyer also needs to contribute at least 1.5% of the purchase price and meet the maximum household income limits. Loans for single-family homes accrue no interest and can provide a maximum of $30,000 in financial aid.Įligible participants must buy a home in the city of Boston, complete a homebuyer education class, and have no more than $75,000 in household assets. The Boston Home Center offers loans for first-time homebuyers and people who haven’t owned a home in the past three years. Homebuyers in other Massachusetts counties may be eligible to receive up to $15,000.įinancial aid is available as a 15-year fixed mortgage at a 2% interest rate. MassHousing offers down payment assistance of up to $25,000 for those buying in the city of Boston or one of Commonwealth's 26 Gateway Cities. Here are a few good resources in Massachusetts for you to check out: If you're eligible, you may receive a grant or a second mortgage to cover a down payment or closing costs. There are a number of down payment assistance (DPA) programs in the state that can help first-time and low-income homebuyers purchase a house. » READ MORE: Everything you need to know about low-income home loans Massachusetts down payment assistance programs Instead, you'll pay a VA loan funding fee at closing, which can range from 1.4% to 3.6% of the purchase price. VA loans don't charge mortgage insurance. Typically, your mortgage insurance payment is added to your mortgage payment each month. However, rates vary based on your down payment and credit score. Mortgage insurance costs around 1% of your mortgage balance annually. FHA loans, on the other hand, require a mortgage insurance premium (MIP) for the life of your loans. Second, you may have to purchase mortgage insurance.Ĭonventional loans require private mortgage insurance (PMI) until your loan balance reaches 80% of the purchase price. Find a top local agent and make your home buying dreams a reality today! Step 1: Save for a down payment Answer a few simple questions about your home buying goals, and Clever will match you with hand-picked agents from Keller Williams, RE/MAX, and other top brokerages in your area. Ready to find a great local realtor, but not sure where to start? The best (and easiest!) option is to try a free agent matching service like Clever Real Estate. An experienced agent can help you navigate a tricky housing market, explore your financial options, and negotiate the best deal possible.īest of all, hiring a real estate agent comes at no extra cost to you - since the seller typically pays both their listing agent and your buyer's agent. Whether you're actively house hunting or just starting to browse homes on Zillow, it's never too early to find a great local realtor to guide you on your search. In this guide, you’ll learn how to buy a house in Massachusetts with confidence no matter what the market brings. ![]() Many markets are seeing frequent price drops and fewer offers, giving motivated buyers the upper hand in negotiating for the best price. This raises the average monthly mortgage payment to $3,094 (assuming a 20% down payment at the median home value).īut buying a home in Massachusetts is still possible, even for first-time home buyers. In Massachusetts, the average 30-year fixed mortgage rate is 6.84% - up from 2021's historic lows. ![]() Now that the housing market is finally calming down after the pandemic, buyers are facing a new challenge: Soaring mortgage rates. When you decide to use a product or service we link to, we may earn a commission. ✍️ Editor's note: We strive to provide objective, independent advice. ![]() Are you a top realtor? Join Clever’s networkĭo you want to close more loans? Join Clever's partnership program ![]()
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