![]() ![]() These are arguably the best mortgages available, so apply if you’re eligible No ongoing mortgage insurance after closing. Minimum credit score varies by lender but often 620. VA loan : Only for veterans and active-duty service members, reservists, and National Guard.But you’re on the hook for mortgage insurance until you refinance to a different type of mortgage, move, or pay off your loan 3.5% down and a 580 minimum credit score. FHA loan : Backed by the Federal Housing Administration.You can usually stop paying mortgage insurance after a few years 3% down payment and 620 minimum credit score. Conventional 97 : From Freddie Mac or Fannie Mae.Borrowers can often get into a new home with as little as 3% or even 0% down using one of these low-down-payment mortgage programs: But the good news is that you don’t need that much. Of course, few first-time buyers have saved enough for 20% down. And you never have to pay for private mortgage insurance (PMI). If you’re a first-time home buyer in Massachusetts with a 20% down payment, you can get a conventional loan with a low interest rate. Department of Agriculture), you may not need any down payment at all.įirst-time home buyer loans in Massachusetts If you're eligible for a VA loan (backed by the Department of Veterans Affairs) or a USDA loan (backed by the U.S. ![]() “Minimum” down payment assumes 3% down on a conventional mortgage with a minimum credit score of 620. Massachusetts home buyer stats Average Home Sale Price in MA 1ġ0% of home price, or up to $50,000 (MassHousing)ĭown payment amounts are based on the state's most recently available average home sale price. If you’re buying in one of the pricier parts of the state, check out the assistance programs below to see if you could be in line for some help. For instance, the median price in Springfield is just $248,500 while Boston comes in at $849,000. Of course, average prices vary widely depending on where you buy. That number remained flat from the year before, according to the Massachusetts Association of REALTORS. The median price for a single-family home in Massachusetts was $520,000 in February 2023. The Bay State has plenty of housing assistance for first-time buyers: from homeownership counseling and educational courses, to loans and down payment assistance grants that could help you buy a home much sooner than you dreamed possible. But, if you’re a Massachusetts first-time home buyer, you can expect a great deal of support. Ma9 min read What to know about buying a house in Massachusettsīuying your first home can be a real challenge.
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