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Why Consider First-Time Homebuyer Programs?
First-time homebuyer programs are designed to reduce the financial barriers to homeownership, providing benefits like lower interest rates, reduced down payments, and even grants for closing costs. These programs can make a significant difference, particularly in a competitive real estate market like Massachusetts.
Top First-Time Homebuyer Programs in Massachusetts (2025)
1. MassHousing Mortgage
MassHousing offers a variety of loan programs for first-time buyers, including competitive fixed-rate mortgages and down payment assistance options. These loans are available to qualified buyers with a low down payment requirement and flexible credit score standards.
- Down Payment Assistance: Up to $50,000 in assistance for eligible borrowers.
- Eligibility: Typically requires a minimum credit score and income verification.
2. ONE Mortgage Program
The ONE Mortgage Program is a state-backed initiative designed to help low- and moderate-income first-time buyers. It offers low interest rates and reduced mortgage insurance costs, making it one of the most affordable options.
- Benefits: Low fixed interest rates, no private mortgage insurance (PMI) required.
- Eligibility: Income limits apply based on household size and location.
3. FHA Loans
FHA loans are a popular choice for first-time buyers nationwide, including in Massachusetts. They offer lower credit score requirements and down payment options as low as 3.5%.
- Benefits: Flexible qualification, low down payment.
- Eligibility: Requires a minimum credit score of 580 for 3.5% down, or 500 with a 10% down payment.
4. VA Loans
Available to veterans and active-duty military members, VA loans offer zero down payment and no PMI, making them an excellent choice for those who qualify.
- Benefits: No down payment, no PMI, competitive interest rates.
- Eligibility: Active-duty military, veterans, and eligible surviving spouses.
5. USDA Loans
For buyers looking to purchase in rural areas, USDA loans offer 100% financing and reduced mortgage insurance costs.
- Benefits: No down payment, low mortgage insurance.
- Eligibility: Must meet income and location requirements.
Additional Resources for First-Time Homebuyers
- FHA vs. Conventional Loans – Learn more about the differences to choose the right mortgage for your needs.
- Affordability Calculator – Check how much home you can afford.
- Loan Comparison Calculator – Compare your options side-by-side.
FAQs
What is the minimum credit score for a first-time homebuyer in Massachusetts?
The minimum credit score depends on the program. For FHA loans, it can be as low as 580, while conventional loans typically require 620 or higher.
Do I need a large down payment to buy my first home in Massachusetts?
Not necessarily. Programs like FHA, VA, and USDA loans offer low or even zero down payment options for qualified buyers.
Can I get help with closing costs?
Yes, many first-time homebuyer programs offer grants or loans to cover closing costs in addition to down payment assistance.
Read Next
- First-Time Homebuyer Mistakes How to Steer Clear
- Credit Score Impact Understanding Its Role in Homebuying
- Step-by-Step Guide to Buying Your First Home
Ready to take the next step? Start exploring your mortgage options today and get one step closer to owning your first home in Massachusetts.
Get Expert Financing
- Matched with investor-friendly lenders
- Fast pre-approvals-no W2s required
- Financing options fro rentals, BRRRR, STRs
- Scale your portfolio with confidence
Our advice is based on experience in the mortgage industry and we are dedicated to helping you achieve your goal of owning a home. We may receive compensation from partner banks when you view mortgage rates listed on our website.
