Massachusetts Down Payment Assistance

At the present time one of the biggest issues when purchasing as First time home buyers in Massachusetts is: “Where am I going to find the money?”

In generations before, parents would give a gift of a down payment to a newly married couple. A grandparent or close aunt or uncle would pass away and leave a considerable amount of money to you in their will. Now a days with the cost of living so high and poorly planned retirement from the new generations have prevented this from happening. Families are relying on the sale of their family home more and more to take care of retirement. This may not be the case for some, but it is for many.

Purchasing as First time home buyers in Massachusetts has its benefits and setbacks. Most of it being the cost of living. We are fortunate to have such wonderful amenities. Furthermore, having access to places like Boston Children’s Hospital bring the best Nurses and Doctors around the United States. Shriners, Brigham & Woman, Mass General, are some other examples that just begin to scratch the surface.  .

Mass Housing realizes the struggles to find affordable homes when purchasing as First time home buyers in Massachusetts. They are offering 2 different programs. Both of these programs have been available before but now they have been re addressed for the driving need of purchasing as First time home buyers in Massachusetts.

The first program for MA Housing Down Payment assistance is an interest-free deferred payment second mortgage loan, which means that no payments are due until the property is sold, refinanced, or the first mortgage loan is paid off, at which time, the entire balance is due.

Second option for MA Housing Down Payment assistance is a 15-year amortizing second mortgage loan at a fixed 2% rate of interest (APR 2%), which means that the borrower makes monthly payments of principal and interest for 15 years on this second loan, in addition to the monthly payments on their first mortgage loan.

Using a mortgage calculator can give you a better idea of what that payment would look like. You can find a mortgage calculator here.

Both of these options are to help purchasing as First time home buyers in Massachusetts possible. For more information or to see if you meet the qualifications check out the MA Housing Website for more details https://www.masshousing.com/home-ownership/homebuyers/income-limits

Towns and county’s across MA have access to different home ownership programs. Some times it matters WHERE you buy. Sometimes it matters WHAT you buy. Talking with a lender or financial institution is one of the first places to start. Lenders have access to the guidelines for each program and can help you through the process.

Ask the questions. This will be one of the largest purchases of your life. Make sure to surround your self with people you feel comfortable asking the right questions with.

We all begin our search on Zillow right? Here is an easy way to prevent your info from going on a list some where and being sold to the highest bidder. My website gives the same data that you would get on Zillow. You can use the search function to search towns, neighborhoods, zip codes.  Want to see something right away? Schedule an appointment with me right through the site. Go to https://marlowe.sites.cbmoxi.com/ and you can sign up for Neighborhood news to get updates on specific areas you live in or would like to move to.

Looking forward to working with you on your next move!

Cheers