Programs For 1st Time Buyers In Massachusetts
First time home buyers in Massachusetts have many options available to them for help in purchasing their first home. The Massachusetts Housing Partnership (MHP) offers a very beneficial program for Massachusetts residents seeking to purchase their first residence.
Here are some highlights:
If you are a first-time homebuyer, the ONR Mortgage Program is for you. ONE Mortgage offers you the comfort of knowing your mortgage is financially sustainable. Here are five reasons why you should choose ONE Mortgage:
1. Put down as little as 3 percent. A minimum of 3 percent of the purchase price is required for condominiums, single and two-family properties. For a three-family property, a 5 percent down payment is required.
2. Get a low fixed interest rate. Homebuyers benefit from a discounted 30-year fixed interest rate. No points are charged to the homebuyer.
3. Pay no Private Mortgage Insurance (PMI): One Mortgage homebuyers save hundreds of dollars every month by not making costly PMI payments.
4. Get financial assistance if you qualify: Some income eligible homebuyers may also qualify for an additional monthly savings during the first seven years of ownership. Designed to reduce a borrower’s monthly mortgage payment in the early years of homeownership, MHP Interest Subsidy is automatically applied to eligible ONE homeowner’s monthly mortgage payment by their lenders.
5. Build your wealth. ONE Mortgage homebuyers are investing i their future. There is no limit on home appreciation.
For complete details on these programs, including contact information and instructions on how to apply, please visit this MHP web page.
More Illinois First Time Buyer Programs
In addition to the above homebuyer program offered by MHP, there are local housing agencies in various towns, cities and counties throughout the state that provide financial assistance to 1st time property buyers as well. To determine if there any near you, please visit local first time home buyer programs in Massachusetts.