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First Time Home Buyer in MassachusettsIf you are looking to buy your 1st home, you've come to
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Today’s Rates for First Time Homebuyers in Massachusetts

Thursday, June 20, 2024

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.

Massachusetts First Time Home Buyer Checklist

  1. Survey your loan program possibilities. If you're moving to an eligible area, you may qualify for a zero down payment loan through USDA. Veterans may be eligible for VA loans, which do not require cash down as well. 
  2. Request your credit score. Your credit should fall somewhere above 600, but few lenders accept scores in the 500s. If your credit score needs a boost, work on improving it before you try to take out a mortgage. Once annually, you're able to request your score from each of the three major credit bureaus. 
  3. Compare interest rate quotes from a few Masschusetts lenders. Select one who not only provides a great offer, but carries a high rating from the Better Business Bureau.
  4. Get pre-qualified or pre-approved. Once you've secured a lender, provide income documentation with your last two pay stubs and tax returns from the past two years. 
  5. Determine your affordability and budget. You could be pre-approved for a loan amount that is much greater than you had anticipated, but do not base affordability on the sum provided alone. Remember - pre-approvals are not guaranteed, and only you know what you can truly afford. 
  6. Shop for your new home. Be sure to avoid making exorbitant purchases or doing anything else that could weaken your financial standing while you're in home shopping mode. Lenders will check your accounts again before closing your loan.  

Low Down Payment Loans Through FHA

If you’re a first time home buyer without a lot to put down, a Massachusetts FHA loan may accommodate you. FHA loans are backed by the government and designed to help home buyers with limited upfront funds receive financing.

  • Down payment: 3.5%
  • Minimum acceptable credit score: 580 (varies)
  • Mortgage insurance: Upfront (1.75% loan amount) and monthly
  • Property guidelines apply and are verified via home inspection

You can find additional information about FHA loans on the Massachusetts page of the FHA website.

No Down Payment Loans Through USDA

The United States Department of Agriculture backs home loans for zero down to Massachusetts home buyers looking to move to or live in rural areas. Find out if your buying city is eligible by searching the USDA's property map. Note that popular areas like Boston and Worcester are not eligible. 

  • Down payment: None required; financing up to 102% available depending on home appraisal
  • Minimum acceptable credit score: 620
  • Mortgage insurance: Upfront (2% loan amount) and monthly
  • Income maximums apply  

Massachusetts 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

Major Cities in Massachusetts

Looking for programs specific to your part of Massachusetts? Lender411 has researched mortgage assistance programs for the top city in Massachusetts for first time homebuyers:

Click the links above to learn about down payment assistance programs, grants, and mortgage tax credits for the Boston area. 

Local Cities

user suit Lenders in: Massachusetts.

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