Types of Mortgage Loans for Purchasing a Home

Purchasing a home is a time to celebrate one of life’s greatest achievements, especially if you’re doing so in the state of Massachusetts. A home can strengthen families and enhance financial stability. Owning your own home may be the culmination of a lifetime of hopes and dreams. Still, making such a large purchase can sometimes be just as daunting as it is exciting. This is why our company aims to diligently work with the individual needs of each borrower in order to ensure your purchase is a comfortable and satisfying experience.

First-time home owners can rest easy when buying a home in Massachusetts. If you choose our company, your Loan Officer will work tirelessly to check your credit score and evaluate your assets. We can even help organize your documents and assist you in figuring out a down payment that is affordable for you.

Purchasing a Mortgage Home Loan

When buying a house in Massachusetts, you may now be eligible for putting little or no money down. Imagine not having to wait years and years to save up for a house, or not having to wipe out your savings in order to purchase a home! We can help to make that happen, subject to certain conditions. If you qualify for a FHA home loan, you may obtain a FHA streamline loan with a low down payment. American veterans, may qualify for up to 103% of the value of the purchase property if you’re buying a home in Massachusetts.

Have you ever wanted to own some of the sweet goodness of maple syrup that only Massachusetts can supply? Do you live in a rural area? Do you want to make the dream of home ownership a reality? Then a USDA home loan is a specialized loan in which you may qualify while buying a house in Massachusetts. Our experienced mortgage loan officers will help determine whether you and the property are eligible for USDA guaranteed loans. With this type of loan, you may qualify for 100% financing with no down payment. For some qualified borrowers, there’s no maximum purchase price, and this is not limited to first-time home buyers.

Home Path Ready Buyer Program

If you’re already a homeowner, but you are looking to make renovations, repairs, additions, or improvements, a Fannie Mae Home style Ready Buyer Renovation loan might be right for you. Even if you wish to purchase a house and then make renovations, this Fannie-Mae Home Ready Buyer loan program may make buying a home in Massachusetts much easier. As a Fannie Mae-approved lender, we have attained approval from Fannie Mae to offer this federally protected type of mortgage to you.

FHA Home Loans

Another loan we offer is the FHA loan. This is a special kind of financing created for houses that need to be rehabilitated. FHA programs are designed to revitalize neighborhoods and to repair homes that are damaged or in need of improvements. As such, the FHA streamline loan covers the cost of the house and the necessary repairs. If you find a home you love, but it needs heating, air conditioning, plumbing, new appliances, siding, disability access, or room additions, this might be the right loan for you.

USDA Home Loans

As an approved USDA lender, Drew Mortgage Associates, Inc. is excited to bring you the option of a USDA rural housing loan. For those who qualify, 100% financing may be available, finally bringing the dream of home ownership within reach. With interest rates that are lower than those offered with traditional mortgage loans and flexible guidelines, a USDA rural home loan could help you achieve your financial goals. Eligibility for USDA rural housing loans is based both on the property and the borrower. The property must be located in a rural development eligible area, and it must be occupied as your primary residence. Your Drew Mortgage Associates mortgage loan office in MA can help you determine whether there are properties near you that qualify. Even if you do not consider your area “rural,” you may be surprised to learn there are eligible properties nearby. To qualify for a USDA rural development home loan a borrower must meet income (people who earn above a certain threshold are ineligible), credit, and employment requirements and be a US citizen, Resident-Alien, or a qualified non-Resident Alien. Contact us today and we’ll help you determine whether or not you may be eligible for USDA home loans. If a USDA home loan is not a good fit for you, don’t worry, we have a wide variety of home loan programs that may help you to meet your goals.

VA Loan Program

The VA Home Loan Program helps veterans purchase or refinance homes through VA-approved mortgage companies like Drew Mortgage Associates. VA home loans are allowed up to $417,000 and more in some areas with closing costs and fewer fees than those required for conventional loans. With money-saving options for qualified borrowers (e.g. no down payment or mortgage insurance requirement), the VA home loan program also is designed specifically for the unique challenges facing service members and their families. VA home loans allow for seller contributions, gifts or grants to minimize or eliminate closing costs – a benefit that almost no other loan programs can offer. Competitive rates and no mortgage insurance requirement may help to lower monthly payments. We also offer Jumbo VA loans up to $650,000.

Drew Mortgage Associates is not affiliated with the USDA, FHA, the VA, or Mass Mortgage Housing.

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