The new HomePath Ready Buyer Program, lets first-time homebuyers get up to a 3% rebate of a home’s purchase price if they buy a Fannie Mae property, so long as they complete an online homebuyer education course which costs $75.00. In addition to the 3% rebate, Fannie Mae will refund the cost of the homebuyer education course.
Is this a good thing?
Buying a home for the first time can be a very daunting process. In fact more people keep thinking about buying but shy away at the last moment. In most cases money is the only obstacle which stands in way of realising your cherished dream of owning a house. This dream can now become a reality with the Massachusetts down payment assistance programs.
Massachusetts is a state which is well known for its assistance programs with regards to down payment and closing costs involved when buying a house. With funding being sourced primarily from the federal government, the goal of these programs is to help lower income households buy their own homes. These loans are generally given by the housing departments or certain specified non-profit agencies involved in housing.
Most of these Massachusetts down payment assistance programs are governed by certain rules which must be met for getting any assistance from these programs. Some of these criteria are:
There might also be asset limits attached to these programs which also have to be met to qualify for these programs. In fact these programs have been made to primarily help those families who are in a position to pay their monthly mortgage but are unable to pay for the other initial costs involved in buying a house.
Income limits for these programs is generally calculated based on the median income of the family as set by the departments involved in the development of homes. It is usually set at 80% of the median income of a family in an area.
Below is a list of Massachusetts Down Payment Assistance Programs:
- Somerville Housing Authority
- Westford Housing Authority
- Attleboro Housing Authority
- Boston Housing Authority
- Brockton Housing Authority
- Cambridge Housing Authority
- City Financial Assistance for Homebuyers CDD City of Cambridge
- Chelsea Housing Authority
- Housing Programs City Of Lawrence
- Fall River Housing Authority
- Lynn Housing Authority & Neighborhood Development
- Lowell Housing Authority
- Malden Housing Authority
- Massachusetts Housing Authority
- Infill Housing Homeownership Program
- New Bedford Neighborhoods First Time Home Buyer Program
- New Bedford Housing Authority
- Plymouth Buyers Assistance Program
- Taunton First Time Home Buyer Program
- Salem First Time Home Buyer Program
- Springfield Housing Authority
- A Home for the Brave Program
- List of Down Payment Programs in the Boston Area
- Lowell Coalition For A Better Acre HOME Homeowner Acquisition Loan Program
- Massachusetts Down Payment Assistance Programs
- MassHousing Mortgage
- MassHousing Mortgage with No MI
- Multi-Communities Quincy Community Action Programs Inc. DownPayment Assistance Program
- Purchase and Rehabilitation Loan Program
The myth out there is that there are no programs that can help first time home buyers buy residential properties but the truth is that this is just a myth. These days, lenders who participate in down payment programs for police offer mortgages at a lower rate of 3.5%. The loan is insured by the state or county government, therefore making it cheaper for the borrowers in the long run. It also helps to reduce the amount of monthly repayments made.
This program is open to police serving in all parts of the United States, but can only be intended to buy houses within the jurisdiction of the cities or the counties in which they serve. The home mortgage can be amortized over a period of 30 years. From downpayment assistance programs for police to interest free second mortgages for police and other special mortgage programs, the number of people who really want to buy a home without down deposit is on the rise.
To qualify for the downpayment assistance programs for police, the borrower must meet a certain income level. The house must be within defined price limits, the buyer must be a first time home owner. Moreover, the home which you are buying should be your principal residence and home owner occupied. You must also attend a seminar organized for home buyers because this will help you know more about home ownership, the challenges that come with it and your obligations.
Delayed Repayment Loans
Depending on the state where you live, you can qualify for an assistance in the form of interest free loans which
should not be paid until when the borrower opts to sell the house. The credit is awarded every year when the home buyer is filing his or her tax returns and will continue to be claimed until when the house changes hands. The delayed repayment loans will stand provided that the buyer of the house continues to use it as his or her primary residence. On average, home buyers get an assistance of $5,000-$20,000 every year depending on the value of their home.
Majority of the programs that offer downpayment assistance programs for police who want to buy houses are structured as second or silent mortgage which can only be repaid when the mortgage is sold off or when the house is sold. The assistance emanates from a number of initiatives that are run by state, county and national programs which also includes bond programs. Some of the down payment assistance programs for police are designed to work together with FHA loans, while others permits the home buyer to obtain a conventional mortgage from
lenders who participate in the program.
Where to find Downpayment Assistance Programs for Police
Finding these programs is not hard because the authorities in each state list them on their official website. Moreover, the list of participating lenders is also listed on these official websites. If you want to know if you qualify, it’s imperative that you start with the lender. Eligibility criteria is expressly stated.