The purchase of your first home is an important financial decision, one that requires a careful analysis of the total cost of homeownership. One aspect of the total cost of owning a home are the loan costs, which will impact the total cost of homeownership for years after the closing date. Fortunately, Massachusetts first-time home buyers have several mortgage programs to consider.
The home buyer programs vary by whether there are income limits, low down payment options, financial assistance opportunities, and/or mortgage insurancerequirements. Many of these mortgage programs are tailored to help first-time home buyers overcome common obstacles to obtaining a home loan, such as down payment, credit score requirements and interest rates.
The eligibility requirements and rules for the different programs may seem overwhelming to a borrower new to the Massachusetts home-buying process; however, first-time home buyers should take the time to investigate these mortgage programs to see whether they can reduce the total cost of homeownership.