MassHousing has partnered with more than 100 lenders to make our affordable loans available to Massachusetts homebuyers. DPA has provided flexibility in renovating and adding other touches to her new home. But you will have to repay it in full when you refinance, transfer the title, sell the home, or when you no longer live there as your primary residence. Mortgage rates are different between lenders. The hot water heater leaks carbon monoxide gas, Black mold is found behind a sample of drywall. The feedback will only be used for improving the website. What you are about to read is inside information based on 20 years of lending. Contingency. First-time Home Buyer Tips: Here are some best tips that will help you with everything from selecting a mortgage, saving a down payment to closing the deal. A cozy beach cottage close to the shore in Scituate. Massachusetts first-time home buyer programs, Summary: 2021 MassHousing first-time home buyer programs. First Time Home Buyer Seminar Tomorrow at 6:00 PM Eastern Bank Lawrence, MA 12 Steps to Homeownership: First-time Homebuyer Workshop 12 Steps to Homeownership: First-time Homebuyer Workshop Thu, May 18, 6:00 PM 732 Southbridge St Auburn, MA Dadju featuring Roody Roodboy Dadju featuring Roody Roodboy Sun, May 28, 9:00 PM During closing, your broker will work with you to review and sign all loan documentation, and youll be responsible for paying closing costs, which could include an appraisal fee, an origination fee, legal fees, title search and insurance, escrow fees and more. As a first-time homebuyer, don't just pick the first insurance company that pops up in your search engine! A: If you qualify for a VA or USDA loan, youre eligible to put no money down; if you qualify for a conventional loan, you can put as little as 3% down. What do these things have in common (other than all being located in towns that start with the letter S)? MassHousing runs two of its own down payment assistance programs that are worth looking into: Gateway Cities that allow higher DPA amounts include: Aside from those details, the MassHousing website provides very little information about its DPA options. Aleksandra is the Senior Editor at The Mortgage Reports, where she brings 10 years of experience in mortgage and real estate to help consumers discover the right path to homeownership. Some are automatic and some require an application. The median list price in Worcester was $355,000 in February 2023. As a writer, Beth's work was featured by The Associated Press, The Washington Post and Money magazine, among others. They are for rural home buyers and usually require no down payment.