Are you a homeowner looking to fund a home renovation project or pay off high-interest…
The Best Down Payment Assistance Programs MA has to Offer
In this blog, we’ll explore how down payment assistance can help you achieve your real estate goals while helping you better understand your financial options.
If you’re ready to finally open the door to homeownership, we’re ready to show you the best down payment assistance programs MA has to offer. These programs help turn the dream of homeownership into a reality for residents all over the Commonwealth.
Let’s see what choices you have for down payment assistance in MA.
A great option for first-time buyers
The best part about many of these programs is that they can jumpstart homeownership for first-time buyers. Even if you’ve never thought of yourself as able to buy a home, you can take the steps to qualify for down payment assistance.
Many people are eager to buy a home right now, yet affordability continues to hold some potential buyers back. Besides, if you don’t feel comfortable with the financial process of buying a home, it’s hard to make a confident decision. To this end, four in five home buyers say they need help to understand what they can even afford in the first place.
MA offers several statewide options for those seeking assistance with down payment insurance. There are options for first-time buyers and those who have experience owning a home.
Here are two options to get you started:
- MassHousing– MassHousing provides a variety of assistance programs for state residents.
- Massachusetts Department of Housing and Community Development– The Department of Housing and Community Development has established the First Time Home Buyer (FTHB)
In addition to these programs for down payment assistance, MA also offers a variety of programs that are specific to cities and towns. Keep reading to learn more, as we have linked to a separate resource down below.
Other options for down payment assistance
If you’re working from home now, you may be thinking of relocating to a more affordable area where you can stretch your dollar further and have more space, inside and out. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), explains:
“Rural areas have mortgages (USDA loans) that don’t require down payments, and some workers who can work from home may want to consider outer suburbs or small towns where USDA home loans are available and where homes are very affordable.”
There are USDA loans and VA loans to consider, as well. These are federal programs that your MA loan officer can walk you through, should you qualify.
If affordability is on your mind and you’re expecting to be working from home long-term, the right home may be in an area you haven’t considered yet. In addition, the down payment assistance MA offers might be within reach, too.
If you’re interested in learning more about down payment assistance programs, additional information is available by clicking here. Your Realtor and Loan Officer can help you decide which option is best for you personally.
Thanks to a range of down payment assistance programs, affordable options are out there for today’s hopeful homebuyers. It’s important to get the financial education you need to understand the home buying process and accomplish your real estate goals.
Let’s connect today to get you started on the path to your dream home. Contact one of our talented loan officers to discover the many options available for buying a home.