What is the best program offered by the government for first time home buyers?

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.

1. Assess your financial situation: Determine your income, credit score, and savings for a down payment.
2. Research government-backed loan options: Learn about FHA, VA, and USDA loans to see if you meet their eligibility requirements.
3. Explore state and local programs: Investigate programs offered in your specific area.
4. 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

• Overview: A leading national lender known for its robust online platform and customer service.

• Strengths: Offers a variety of loan products, including FHA, VA, and conventional loans.

• Recent Developments: Acquired Mr. Cooper and Redfin, expanding its market presence. 

2. Veterans United

• Overview: Specializes in VA loans, catering primarily to military members and veterans.

• Strengths: Highly rated for customer satisfaction and expertise in VA loan processing. 

3. IMS Funding

• Overview: A direct lender and broker based in Austin, TX, with services extending to Massachusetts.

• Strengths: Specializes in DSCR loans for traditional and vacation rentals, offering tailored financial solutions for investors.

4. Troy City Mortgage LLC

• Overview: A Massachusetts-based lender with a strong local presence.

• Strengths: Known for personalized service and expertise in conventional and government-backed loans.

5. Eastern Bank

• Overview: A regional bank offering a range of mortgage solutions in Massachusetts and neighboring states.

• 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.