First Time Home Buyer

 Programs in Massachusetts

Complete First Time Home Buyer Programs Available in Massachusetts.

The state agency created by the legislature in Massachusetts to offer first time home buyer programs is the Massachusetts Department of Housing and Community Development. Here is a summary of the current first time home buyer programs that are offered:

HOMEOWNERSHIP OPPORTUNITIES

There are a variety of programs available to help low or moderate income people purchase a home. Most programs are limited to first time homebuyers.

The State Soft Second Mortgage Program

The Soft Second Mortgage Program is a state funded program that helps households earning approximately $48,000 or less purchase their first homes. The program requires a minimum 3 percent down payment. The state will subsidize a second mortgage on behalf of the homeowner who will also have a conventional mortgage.

For further information: Contact the Massachusetts Housing Partnership at (617) 330 9955 or on the web at www.mhp.net. You may also call the Department of Housing and Community Development at (617) 573 1300.

Local Homebuyer Programs

The state annually awards funds to certain communities and non profit
agencies that operate local first time homebuyer programs. Funds are used to make down payments and closing costs assistance loans to first time homebuyers with incomes at or below 80 percent of the area median income ($66,150 for a family of four in the greater Boston area).

For further information: Contact the Department of Housing and Community Development at (617) 573 1300. Information is also available on DHCD's website at www.mass.gov/dhcd.

Mass Housing

Mass Housing is a quasi public state agency that provides below market-rate mortgage financing for first time homebuyers, and other products (such as lead paint abatement and home improvement loans) for homeowners with moderate incomes.

For further information: contact Mass Housing at (617) 854 1000 or on the web at www.masshousing.com.

For complete details on these first time home buyer programs available to Massachusetts residents, visit the Massachusetts Department of Housing and Community Development website.

It is highly recommend that you also visit the First Time Home Buyer Grants page.

Best Lender For First Time Home Buyer Loans

Unfortunately, some lenders do not like to work with first time home buyers (due to not having a track record), and prefer instead to only provide mortgages to people who have previously owned a home. If you do not need help with the down payment and are not in need of any state program, but simply want to apply for a mortgage, we recommend  ING DIRECT Orange Mortgage They have great rates, an easy online application, and welcome first time home buyers. Additionally they have not been as severely hurt by the subprime mortgage crisis and are still approving the majority of applications.

Other First Time Home Buyer Programs & Resources