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Today’s Rates for First Time Homebuyers in Boston

Tuesday, February 18, 2025

Mortgage rates are at 3.00% for the 30 year fixed loan program and at 2.56% for the 15 year fixed. As for variable rates, the 5/1 ARM rate currently stands at 4.56%. Check out FHA and VA rates as well if you are doing low or no down payments.

Boston First Time Buyer Home Loan Programs

Interested in a buying your first home in Boston Massachusetts, and curious about your financing options? Explore everything from government-backed and first time homebuyer assistance loans to mortgage tax credits and more in Lender411's comprehensive guide to Boston mortgage. 

Boston FHA Loans

FHA loans are insured by the Federal Housing Administration, and have long been a favorite option for Boston first time homebuyers and homebuyers with smaller savings, thanks to their low down payment requirements and lenient credit standards. Take a look at current FHA loan facts and requirements:

  • Down payment, loan-to-value (LTV): 3.5%, 96.5%.
  • Credit score minimum: Typically 580 or greater. 
  • Debt-to-income (DTI): Typically 45-50% or less. 
  • Upfront mortgage insurance of 1.75% the base loan amount is required. 

Annual mortgage insurance premiums of varying percentage are also required, and paid monthly. New FHA borrowers, however, will receive annual MIP rates of half a percent lower than the original rate, typically 1.35%.

Boston First Time Homebuyer Loan Programs

If you’re looking to buy a home in Boston as a first time homebuyer, chances are that you may need some financial assistance to do so. Luckily, you have some resources available to you that will make this process a lot easier and more affordable:
 
Down Payment Assistance
 
As a first time homebuyer in Boston, you may be eligible for down payment assistance. This program will help you finance your down payment costs as well as any associated closing costs.  In order to qualify for this program, you must:
  • Inhabit the home.
  • Be a first time homebuyer.
  • Purchase a single family, two family, three family home or condo.
  • Pass a homebuyer training course.
  • Meet the income limits.
  • Be approved for a mortgage.
If you’d like to learn more about Boston first time homebuyer programs, visit the Mass Resources page for down payment and closing cost mortgage assistance

Statewide Grants and Assistance Programs

The Massachusetts Housing Partnership, or MHP, offers the ONE Mortgage Program for low to moderate income first time homebuyers. The ONE program was formerly called SoftSecond. The goal of ONE is to eliminate the cost of mortgage insurance and lighten the monthly payment of participants. 

Program features and requirements:

  • Fixed interest rate.
  • 3% minimum down payment.
  • No mortgage insurance.
  • No more than $75,000 in annual household income.
  • Meet credit score standards of participating lender (varies).

Participants who meet specified income requirements may be eligible for an initial interest subsidy, whereby the lender pays for a portion of the mortgage. To find out more about applying for mortgage assistance, visit the ONE Program page for borrower eligibility

user suit Lenders in: Boston, Massachusetts.

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