If you take the Boston Home Center's Homebuying 101 class and meet the income requirements, you may qualify for a no-interest loan to help with your down payment and closing costs. You need to plan to buy a one - to three-family residential property or condo in Boston. The home must be your primary residency for the term of the loan. Loans could be up to: $30K for a condo or single family home; $35K for a two-family home; or $40K for a three-family home. You must use one of the participating lenders.
They offer housing grants for Veterans and service members with certain service-connected disabilities so they can buy or change a home to meet their needs and live more independently.
Freddie Mac offers the Home Possible Mortgage Program to help home buyers with limited resources afford mortgages. The Home Possible program enables home buyers to buy a home with a down payment as low as 3.0% of the property purchase price and no minimum borrower financial contribution. The Home Possible program is similar to Fannie Mae’s Home Ready Mortgage Program.
People can find a home to purchase through Home Partners' Lease with a Right to Purchase Program. The home is rented to you, but you should be prepared to buy it in the next three to five years. This may work for people who want to buy a home but may prefer to lease while waiting to fix their finances. Depending on the state, you may lease the home for 3 to 5 one-year terms. They may also sell you the house at any time for a predetermined price.
MassHousing’s Operation Welcome Home program provides a fixed-rate mortgage to first time military members and veterans who are trying to buy a home with closing cost assistance of up to $2500.
ONE+Boston aims to increase buying power for income-eligible, first-time Boston homebuyers when purchasing a home within the City. This program provides heavily-discounted mortgages to eligible buyers.
The Section 502 Guaranteed Loan Program assists approved lenders in providing low- and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas. Eligible applicants may purchase, build, rehabilitate, improve or relocate a dwelling in an eligible rural area with 100% financing.
