Home buyers must put down a minimum of 3 percent of the purchase price when purchasing a single-family property, condominium or two-family house. For example, a homebuyer would need a $9,000 down payment for the purchase of a $300,000 home. The borrower must occupy the property.
How can I buy a house with low income in Massachusetts?
Who is Eligible?
- Be a first-time homebuyer.
- Take a homebuyer class.
- Meet our down payment requirements.
- Have a total household income under our limits.
- Have less than $75,000 in total household assets.
- Meet our credit score limits.
- Agree to live in the property as your primary residence.
How to help a first time home buyer in Massachusetts?
Partner agencies in Massachusetts provide education, mortgage programs and more assistance for families and individuals to find the right home. Although DHCD does not provide mortgages directly to first-time homebuyers, there are many resources available. You can find tools to assist you in your first home buying experience on this page.
Who are the first time home buyers in the US?
Additionally, first-time homebuyers are taking out 25 percent more GSE loans than they did in the early 2000s. Many people who would qualify as first-time homebuyers are previous homeowners, including those who lost their homes in the crisis and are just now getting back on their feet.
Are there any courses for first time home buyers?
First-time homebuyer education courses are offered throughout the Commonwealth and are required for most first-time homebuyer programs and loan programs. Check the Additional Resources to find a course near you. Although DHCD does not provide mortgages directly to first-time homebuyers, there are many resources available.
Is there a DHCD mortgage for first time home buyers?
Although DHCD does not provide mortgages directly to first-time homebuyers, there are many resources available. You can find tools to assist you in your first home buying experience on this page. My Mass Mortgage is a guide for potential homeowners and first-time homebuyers interested in homeownership.
