With the Feds promising to keep mortgage interest rates low for the foreseeable future, the real estate market (both on the buying and selling sides) should continue to remain strong through 2015. However, even with historically low interest rates, coming up with a down payment, closing costs and other incidental expenses can be a daunting task for first time home buyers. What many of these buyers do not realize (nor take advantage of) is that there are programs designed to assist with down payments. Eligibility requirements vary according to programs, but in many cases income limits are expanding. It’s certainly worth a look.
Down Payment Resource helps connect buyers with down payment assistance programs, providing an easy to use website that identifies national and local resources. For Massachusetts residents, the Massachusetts Housing Partnership offers an abundance of information for first time home buyers as well as links to local community initiatives which provide down payment assistance as well as other resources. In addition, NeighborWorks Southern Mass, serves the communities of Braintree, Brockton, Holbrook, Milton, Quincy, New Bedford and Weymouth and provides education and information on various resources for first time home buyers. For Brockton and New Bedford, a down payment assistance program provides a zero interest loan in the amount of $2500 for those purchasing a single or multi family home, after certain qualification requirements.
Contact your lender for more information about eligibility requirements and terms.