Home buying assistance programs are abundant, yet few are aware of them. Most are reserved for first time home buyers, but there are also those that do not include such restrictions. If you are planning a property purchase, here are a few useful facts on Boston home buying assistance programs.
Buyer Assistance Programs
Boston home buying assistance programs are offered on both a national and state level. Approval is program-specific, so there could be more than one for you to choose from. Qualifications may include level of income, family size, property type, property location, or property condition. There are some that evaluate additional situations such as veteran status, disability status, ethnicity, post-foreclosure, or affiliation with certain groups.
Given that all Boston home buying assistance programs are different, they also include different methods of help for buyers. Some will hand out grants to cover down payments and closing fees. Certain ones require repayment while others do not if the home is owned for a certain number of years. Others include decreased rates or more lenient approval criteria. For houses requiring renovation, rehab financing are also an option.
Why These Programs Make a Difference
Some folks can afford a property based on credit and income level, but do not have adequate money reserved for down payment and/or closing fees. They postpone a home purchase in order to build up their funds. Meanwhile, interest rates and market values could go up, making it even less affordable to buy. Programs that include down payment assistance empower home buyers to act sooner and benefit from todays low interest rates.
Finding Boston Home Buying Assistance Programs
All Boston home buying assistance programs are meant to allow more people to buy houses. The real estate market usually drives the economy, so assistance programs also help improve the economy. Surprisingly, it can be hard to locate these programs. To look up programs, try visiting DownPaymentResource.com. This website includes a search function. You may subsequently contact your lender for additional information on any programs that interest you. Keep in mind that not all lenders are able to use each program.