2015 First Time Home Buyer Programs for Massachusetts VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score. A Home for the Brave Program A Home for the Brave Program is for - veterans of the U.S. armed services and active duty military get an affordable mortgage with a low down payment. Spouses of soldiers, sailors or Marines killed in active duty also are eligible. Borrowers do not have to be first time homebuyers, but they may not own more than one home upon closing. Financing of up to 97 percent is available for single family homes and condominiums. Financing of 95 percent is available for two , three and four family homes. Closing cost assistance also is available. In addition, grants from the Veterans Administration are available for disabled veterans who need to make accessibility upgrades. Qualified buyers in Massachusetts may apply. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. MassHousing Mortgage MassHousing Mortgage is for home buyers eligible for an affordable 30 year, fixed rate mortgage with a low down payment. In addition, mortgage payment protection program helps borrowers pay their mortgage in the event of a job loss. Principal and interest are covered for up to six months (up to $2,000 per month). Qualified buyers in Massachusetts may apply. MassHousing Mortgage with No MI MassHousing Mortgage with No MI borrowers get an affordable fixed rate, 30 year mortgage loan that does not require mortgage insurance. Borrowers must make down payments of 3 percent for single family homes and condominiums, and 5 percent on two to four family homes. Borrowers must meet income, credit and loan limit guidelines. Qualified buyers in Massachusetts may apply. Purchase and Rehabilitation Loan Program Purchase and Rehabilitation Loan Program borrowers can get a loan that covers both purchase and home rehabilitation costs. Participants must meet income and purchase price requirements, and are required to make a 3 percent down payment. The maximum loan amount is 97 percent of the purchase price, plus rehabilitation costs or the home's estimated value after the work is finished, whichever is less. There is a $7,500 minimum rehabilitation amount. Rehabilitation costs include cost of repairs, inspection fees, title update fees and required contingency reserve equal to 10 percent of the total rehabilitation cost. Qualified buyers in Massachusetts may USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs.
To apply visit http://buyerprograms.net/massachusetts