Buying your first home in Massachusetts is a special feeling. From lavish bungalows to three-bedroom apartments or wooden homes with mesmerizing views, MA has it all. You can always choose the one that suits your requirements and budget. The first time home buyers in MA almost mark their territory in the state that has witnessed the world’s key historical moments, nurtures a rich culture, home to the patriotic landmarks and known for its enthralling natural beauty.
New home definitely calls for celebration in the family. However, before you finally start receiving congratulations messages, it’s a lot of effort that a new home asks for. If you are the first-time home buyer in MA, it is important that you remain ready for all the challenges. You might face obstacles in owning your dream home. Often, people new to the real estate world panic as they see a big wave of official work coming their way. The overburden of documents, government formalities, payments, etc tests their patience to the core. Even finances can drain their high spirits to buy a home in the state of Massachusetts.
There are many tips that first-time home buyers should concentrate on, but some of the top ones include:
You don’t need to worry about the upcoming challenges in the homebuying journey. You will always have our back for home-buying assistance. We make sure you remain informed and prepared about real estate and financing options. Here are some very useful tips that first-time home buyers should concentrate on.
1) Find out areas of the city where your budget is aligning with requirements.
2) Understand the future avenues in your preferred location.
3) Compare home prices from websites such as Zillow and Homegain to get fair idea about prices.
4) Get in touch with a real estate attorney, realtor and a mortgage lender. You may know things still, they know it better.
5) Check the selling prices of your desired home from the experts.
6) You can also do a quick search of an actual MLS licensed real estate agent to help you with this process.
7) Get an estimation of the total monthly housing costings in your area. Although we aren’t affiliated with any particular realtors, Drew Mortgage can recommend a top licensed real estate agent to help you with this process.
8) Get an estimation of total monthly housing cost including taxes and homeowners insurance.
9) Enquire about the documentation and approval needs.
10) Check the home financing loan options and their eligibility criteria.
The VA Loans program is designed for eligible veterans, military members, and their surviving spouses. This loan has a zero down payment facility. Although PMI is not required, the homeowner needs to pay the funding fee. It requires less fees as compared to the other traditional loans available in the market. A benefit of seller contribution, grants are also given to reduce the closing costs. Lower monthly payments due to no mortgage insurance is an add on to this loan. It helps in reducing the monthly payments. This is one of the most beneficial first time home buyer programs MA.
USDA Loans are provided by ‘The U.S Department of Agriculture’ to the middle class, moderate-income group people. The biggest advantage of this first-time home buyer program MA is that, there is no down payment requirement. USDA loan is good for people who are buying a home for primary living in a rural region of the state. They must have a decent income and modest credit score to acquire this loan. USDA loan is only available to the US citizen. Drew Mortgage Associates, Inc is an approved USDA lender. We can help you with various options of a USDA rural housing loan and also create tailor-made loan solutions for first-time home buyers in MA.
FHA Loans (Federal Housing Administration) is a program by the U.S Department of Housing and Urban Development. It is a less down payment loan that is available even with a low credit score. It is one of the best option of first-time home buyer programs in MA. You can connect to us for FHA loans.
A journey from first time homebuyer to the first time homeowner is as good as a roller coaster ride. You might have ups and downs, lots of questions and obstacles, still the end result will be a home that’s yours. It will be a proud and a cherishing moment for you and your family!
Drew Mortgage always focuses on planning and advising the best financial and home loan solutions for our clients. We can provide all – VA, USDA and FHA Home Loans to you. In case, none of these works for you, don’t worry, we have many other options of first time home buyer mortgage programs, that will definitely help you to meet your dream home soon!