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Apr 4, 2016 9:00:46 AM
When you are ready to buy a home your credit score plays a big role in determining what mortgage loan programs you might qualify for, as well as how much you'll pay for mortgage insurance, if you lender requires it. The better a homebuyer's credit risk the more lending opportunities are available to him or her.
Topics: Mortgages 101, Loan Programs, Mortgage Rates & News
Mar 19, 2016 1:30:00 PM
Massachusetts first-time home buyers who fall into the low- to moderate-income category will want to consider the "ONE Mortgage" loan program from the Massachusetts Housing Partnership.
Topics: Home-buying Tips, Mortgages 101, Loan Programs
Feb 21, 2015 7:39:00 PM
Several first-time home buyer programs require borrowers obtain a home-buying certificate in order to qualify for the loan program. MassHousing requires borrowers to participate in a home buyer class and obtain a certificate of completion in order to buy a home with one of its mortgages.
Topics: Home-buying Tips, Mortgages 101, Loan Programs
Jan 12, 2015 7:23:00 AM
Many potential Massachusetts home buyers may have heard the recent news that the Federal Housing Administration (FHA) reduced cost of private mortgage insurance (PMI), but there are two other important things to know about PMI as it applies to FHA mortgages.
Topics: Home-buying Tips, Mortgages 101, Loan Programs, Mortgage Rates & News
Nov 6, 2014 8:17:22 PM
Massachusetts first-time home buyers have a lot to think about, and obtaining an affordable home mortgage is certainly one of those considerations. Fortunately, first-time home buyers have some options to obtain a straightforward, low down payment mortgage, with competitive rates.
There are a few home loan programs that benefit different types of first-time home buyers; however, the two best arguably are the Massachusetts Housing Partnership ONE Mortgage and the MassHousing Mortgage. Both mortgage options have income limits and other requirements.
Topics: Home-buying Tips, Mortgages 101, Loan Programs
Sep 16, 2014 8:56:00 AM
Several first-time home buyer programs require borrowers obtain a home-buying certificate in order to qualify for the loan program. MassHousing mortgages, as well as the Massachusetts Housing Partnership ONE Mortgage, require home buyers to participate in a qualified Massachusetts first-time home buyer class.
BLUE, Inc., a not-for-profit organization, is offering a two-day class, Home Buying 101, at the Eastern Middlesex Association of Realtors in Reading, Massachusetts on September 20th and 21st. Participants who attend both days will receive a home buyer certificate required for MassHousing Mortgage loans.
Topics: Home-buying Tips, Mortgages 101, Loan Programs
Aug 22, 2014 2:30:00 PM
In June of 2013 the Commonwealth of Massachusetts announced the creation of a homeownership compact, with the goal of bringing lenders together to provide 10,000 mortgage loans to first-time home buyers over five years. The compact included a commitment among participating lenders to originate a specific number of loans through MassHousing and the Massachusetts Housing Partnership (MHP) home loan programs.
As part of the effort to provide Massachusetts first-time home buyers with lower and moderate incomes an opportunity to own a home, the state launched a new Web site to provide potential home buyers information about MassHousing mortgages and the MHP One Mortgage.
Topics: Home-buying Tips, Mortgages 101, Loan Programs, Mortgage Rates & News
Jul 12, 2014 8:23:00 AM
The Boston Globe reported on July 9, 2014 that a few additional lenders have agreed to participate in a state program to provide loans to first-time home buyers through MassHousing and the Massachusetts Housing Partnership. What types of loans are available to first-time home buyers? Eligible first-time home buyers may qualify for mortgages with low down payments, no private mortgage insurance (PMI) and other benefits.
The following are a few, but not all, of the loan programs available to first-time home buyers in Massachusetts.
Topics: Home-buying Tips, Mortgages 101, Loan Programs, Mortgage Rates & News
Jun 8, 2014 1:35:00 PM
Massachusetts first-time home buyers now have an additional loan option when considering mortgages to purchase a single-family, condominium or multi-family home.
MassHousing, a self-sustaining agency that does not use taxpayer money, announced on its blog May 20, 2014 a new lender-paid mortgage insurance (LMPI) program that increases a borrower's home-buying power.
Through the program, the lender pays the full mortgage insurance premium for the borrower at the time of closing, which is good for the life of the loan. This cost is offset by a higher interest rate on the mortgage, compared to a loan with borrower-paid MI (BPMI). Even with the higher rate, the LPMI loan generally results in a lower monthly payment for the borrower for the first several years of the loan.
Topics: Home-buying Tips, Loan Programs, Mortgage Rates & News
Jul 15, 2013 3:18:00 PM
New Hampshire first-time home buyers looking for an extra tax break will want to investigate the New Hampshire Housing Finance Authority home buyer tax credit program.
Launched in March 2013, NH Housing designed the program to save first-time home buyers in the Granite State up to $2,000 a year on their federal income taxes, making homeownership more affordable for low- to moderate-income home buyers that qualify.
Topics: Loan Programs, New Hampshire, New Hampshire Housing
Mar 13, 2013 7:30:00 PM
First-time home buyers in Massachusetts and around the country will want to speed up their home search, if they plan to finance the purchase of a home with a Federal Housing Administration (FHA) loan.
FHA announced recently that fee increases and underwriting rules for FHA loans will increase the cost of homeownership for first-time and other borrowers. FHA loans are especially popular with first-time home buyers because the minimum down payment required is 3.5 percent, as opposed to 5 percent to 20 percent or more for conventional loans. In addition, FHA will lend to home buyers with credit scores a little lower than scores acceptable to lenders of conventional loans.
Topics: Mortgages 101, Loan Programs, Mortgage Rates & News, FHA
Feb 11, 2013 8:45:00 AM
In an effort to help affordable housing owners reduce costs and make their properties more energy efficient, the Massachusetts Housing Partnership (MHP) announced January 18, 2013 a new loan program to help its borrowers make energy improvements in their homes.
Topics: Loan Programs, Mortgage Rates & News, Homeowner Tips
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