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.
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.
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:
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%.
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:
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.
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