FAQ BY First-Time Home Buyers in MA
Buying a home for the first time life is a new experience. People often look for guidance during the whole process. Drew Mortgage understands your concern. Being the best Mortgage Lenders in MA, we answer all the major queries of our clients. While there are many things people want to know, we have answered the most frequently asked questions in this blog. These answers will guide you the best in the home buying journey.
FAQ BY FIRST-TIME HOME BUYERS IN MA
Who can be called a First-Time Home Buyer?
Well, it might sound a weird question to many, but it isn’t. A first-time home buyer can be any person who did not own a primary residence for the past three years. You may have bought a house previously, but a minimum of 3 years of no homeownership can make you eligible for the FTHB benefits. In the case of a married couple, even if one person is an owner of a home, they can apply for the first-time home buyer mortgage programs in MA.
What are the benefits for First Time Home Buyers?
Buying a home for the first time or after 3 years open many opportunities to save lots of money. You can enjoy many special FTHB mortgage plan benefits, get grants, less down payments, and more. You may also get loan plans with easy EMI breakups. It helps in planning for a bigger than a budget house, keeping future needs in mind. Most of the home buyers in MA consult us for the best loan options depending on their eligibility. Drew Mortgage Consultants help in giving a clear idea of the possibilities when planning to buy a home.
Is there any Income Criteria for FTHB Loans?
It widely depends on the programs you want to choose from. The USDA Loan Program & the Fannie Mae Program require certain income limits to qualify. In contrast, most of the loan programs analyze the loan seeker’s debt to income ratio. Maintain a good credit score from the start and clear all the outstanding debts before applying for the loan. It will help you get loan approval a bit faster than others stuck with pending loans to pay off.
Will I get any Down Payment Relief under FTHB Programs?
Apart from loan approvals, down payments can also be a big concern. However, under FTHB programs, you can get the lowest 3% down payment option or zero down payments. Your loan plan may cover the down payment for you. It’s an option but try to make bigger down payments to have a bit relaxed EMI options. After all, it would be best if you balanced your home EMI & expenses every month. Think from a broader perspective when planning down payment savings. Start saving early.
What are the different FTHB Loan Programs?
There are many FTHB Loan Programs available today. Drew Mortgage can help you with all the major loan types. If you wish to self analyze, here are some popular FTHB Loans available in MA.
The VA Loans program is designed for eligible veterans, military members, and their surviving spouses. In this loan program, you can avail of a Zero Down Payment facility. However, there is a funding fee that homeowners pay.
USDA Loans are given by ‘The U.S. Department of Agriculture’ to the moderate-income group people. The advantage of this FTHB program MA is no down payment requirement. If you live in a rural area of the state of Massachusetts, a USDA loan is worth trying your luck.
FHA Loans (Federal Housing Administration) is an FTHB program by the U.S. Department of Housing and Urban Development. Eligibility criteria are easy. You need to pay a less down payment, and a low credit score is also acceptable. It is one of the preferred options for first-time homebuyer programs in Massachusetts.
The best thing, you can connect to Drew Mortgage Consultant to check your eligibility for the FTHB Programs in MA.
When Should I apply for FTHB Loans?
Applying for FTHB Loans is your choice. However, consult with the mortgage lenders in MA about your eligibility and the best FTHB loan options for you. It will give you a clear idea of the plans available and set a limitation on how far you can exceed your home choice and budget. Having clarity in mind will help in fast decisions and the overall home buying process. Mortgage consultants can give an overview of the budget and the documental requirements. When you find your dream home, you will be prepared to buy it even the next day.
Get in touch with Drew Mortgage Consultants and plan your FTHB journey with the best loan options available. All the best!