Your Roadmap to First-Time Homebuyer Programs

Are you ready to take the plunge into homeownership in Massachusetts? If you're a first-time homebuyer in the Greater Boston area, navigating the maze of available programs can feel overwhelming. Fear not, as we'll guide you through some of the key first-time homebuyer initiatives in the state, along with their unique benefits and eligibility criteria.

1. MassHousing Mortgage

What It Offers: The MassHousing Mortgage program is your ticket to affordable homeownership in Massachusetts. With competitive interest rates and low down payment options, it's designed to make buying your first home more achievable.

Who Can Apply: First-time homebuyers or those who haven't owned a home in the past three years can qualify. You'll need to meet specific income and credit score requirements.

Property Requirements: Your dream home should be a one- to four-unit primary residence located within the state, with maximum purchase price restrictions in place.

2. MassHousing Purchase and Renovation Loan

What It Offers: Want to buy a fixer-upper? The MassHousing Purchase and Renovation Loan combines your purchase and renovation costs into one convenient mortgage, simplifying the process of turning a house into your dream home.

Who Can Apply: Similar to the MassHousing Mortgage, applicants must meet income and credit score requirements, alongside completing a homebuyer education course.

Property Requirements: Eligible properties include those in need of renovation or repair, offering an opportunity to breathe new life into your future home.

3. MassHousing Operation Welcome Home

What It Offers: Operation Welcome Home salutes veterans and active-duty service members by providing affordable mortgage options and down payment assistance.

Who Can Apply: Veterans, active-duty service members, National Guard members, or Reservists can benefit from this program, provided they meet income and credit score criteria.

Property Requirements: As with other MassHousing programs, eligible properties should be one- to four-unit primary residences located within Massachusetts.

4. Massachusetts Housing Partnership ONE Mortgage

What It Offers: The ONE Mortgage program, a collaboration between MassHousing and the Massachusetts Housing Partnership, offers low down payment options and reduced mortgage insurance rates.

Who Can Apply: First-time homebuyers, or those who haven't owned a home in the past three years, can qualify by meeting income and credit score requirements.

Property Requirements: Properties must be one- to four-unit primary residences located within the state, with maximum purchase price and income limits applied regionally.

Other First-Time Homebuyer Loans

Beyond state-specific programs, Massachusetts residents can explore national options tailored for first-time buyers, including FHA, VA, and USDA loans, as well as HomeReady and Home Possible loans.

Massachusetts boasts an array of first-time homebuyer programs tailored to make the dream of homeownership a reality. By understanding your options and meeting the eligibility requirements, you can confidently embark on your journey towards owning your first home in the Bay State.