What is the best program offered by the government for first time home buyers?
AI Overview
- Insured by the Federal Housing Administration (FHA).
- Lower down payments and closing costs: Enables lenders to offer more favorable terms.
- Flexible qualification criteria: Benefits first-time homebuyers with potentially lower credit scores.
- Minimum down payment of 3.5% with a credit score of 580 or higher.
- Borrowers with lower credit scores (500-579) may qualify with a 10% down payment.
- Popular for first-time homebuyers due to flexible qualification and lower down payment requirements.
- Guaranteed by the Department of Veterans Affairs (VA) for eligible veterans, active-duty military, and surviving spouses.
- Typically no down payment required.
- Competitive interest rates.
- No Private Mortgage Insurance (PMI) required.
- Flexible credit guidelines.
- Available multiple times throughout a lifetime.
- Guaranteed by the U.S. Department of Agriculture (USDA) for eligible properties in designated rural areas.
- No down payment required.
- Intended for low-to-moderate-income buyers.
- Competitive interest rates, often lower than conventional or FHA loans.
- Upfront and annual guarantee fees replace mortgage insurance.
- Requires the property to be located in an eligible rural area.
- Assess your financial situation: Determine your income, credit score, and savings for a down payment.
- Research government-backed loan options: Learn about FHA, VA, and USDA loans to see if you meet their eligibility requirements.
- Explore state and local programs: Investigate programs offered in your specific area.
- Connect with a lender or housing counselor: A professional can help you understand your options, check your eligibility, and guide you through the application process.
Top 5 mortgage lenders of 2025 – best in Massachusetts 2025
As of June 2025, here are five highly rated mortgage lenders serving Massachusetts, based on recent industry evaluations and consumer reviews:
1. Rocket Mortgage
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Overview: A leading national lender known for its robust online platform and customer service.
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Strengths: Offers a variety of loan products, including FHA, VA, and conventional loans.
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Recent Developments: Acquired Mr. Cooper and Redfin, expanding its market presence.
2. Veterans United
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Overview: Specializes in VA loans, catering primarily to military members and veterans.
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Strengths: Highly rated for customer satisfaction and expertise in VA loan processing.
3. IMS Funding
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Overview: A direct lender and broker based in Austin, TX, with services extending to Massachusetts.
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Strengths: Specializes in DSCR loans for traditional and vacation rentals, offering tailored financial solutions for investors.
4. Troy City Mortgage LLC
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Overview: A Massachusetts-based lender with a strong local presence.
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Strengths: Known for personalized service and expertise in conventional and government-backed loans.
5. Eastern Bank
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Overview: A regional bank offering a range of mortgage solutions in Massachusetts and neighboring states.
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Strengths: Provides competitive fixed-rate and variable-rate mortgage options, catering to both first-time homebuyers and those looking to refinance
AI responses may include mistakes. For financial advice, consult a professional.