Hey! I'm wondering if anyone here knows of any grants to apply for being a first time homebuyer? The people I'm working with to get a mortgage mentioned it, and I wanted to see if there were specific ones to go for or any that are a waste of time.

TIA!

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LiteraryDaisy09 t1_j9g43jb wrote on February 21, 2023 at 5:56 PM

In 2018, we qualified and bought using MassHousing's first-time homebuyer's program. They do have income limits, but they were plenty high. They provide a second mortgage (ours was up to 10k but it looks higher now) at 1% interest to help cover downpayment or closing costs. We also qualified for no PMI due to good credit, despite being under 20% down. We ended up refinancing in 2021 to get the lower rate but MH was great and helpful. More info here: https://www.masshousing.com/home-ownership/homebuyers

Cupcake-Mountain t1_j9j13c8 wrote on February 22, 2023 at 9:03 AM

I did the exact same in 2018 and refi in 2021. Highly recommended if possible.

throwsplasticattrees t1_j9fc5ie wrote on February 21, 2023 at 2:52 PM

Check with your city/town planning department. If your city/town is eligible for Community Development Block Grant funds from the Federal Government, they may be used for programs to help first time buyers. Don't expect much, it won't be Daddy Warbucks help, but you may be eligible for lower interest rates, or some other closing cost assistance.

MajorProblem50 t1_j9fp48o wrote on February 21, 2023 at 4:20 PM

NACA is the best program for FTHB but the process is very long... If you don't mind the year long process then go through this program but If you want to be ready to buy this summer then it can be tough.

aKaake OP t1_j9jexpn wrote on February 22, 2023 at 12:04 PM

I'm on my third appointment, and we have had only one setback and it's not major, this was just something he mentioned to look into for some extra money to have when we are finally ready, since we are able to pay down the interest rate.

Beck316 t1_j9jehbe wrote on February 22, 2023 at 11:59 AM

Some 'rural' properties may qualify for USDA housing loans which had better perks. My mortgage company hadn't even considered that.

aKaake OP t1_j9jfakp wrote on February 22, 2023 at 12:07 PM

We are looking mainly in the Worcester area of MA and it's not considered "rural" at all. I'll look into that though, thanks for this!

Beck316 t1_j9jkx7u wrote on February 22, 2023 at 1:02 PM

It depends on things like having a well and septic system vs town water and sewer. I think population and agriculture in the town might have something to do with it but not positive. My property qualified but other properties in my town might not have. Properties in towns surrounding Worcester might qualify.

aKaake OP t1_j9jlb58 wrote on February 22, 2023 at 1:05 PM

You're right, and we might have to expand our search since the prices are crazy high.