Home Buying in Boston>Question Details

Renay72, Renter in Boston, MA

Do I still need a down payment if I'm a first time buyer?

Asked by Renay72, Boston, MA Thu Feb 2, 2012

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11
Someone will lend you money with or without a down payment. The question is whether you will be willing to accept their terms, and can you find a property that meets their requirements and your limits.


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0 votes Thank Flag Link Mon Feb 13, 2012
Technically you don't, but if we look to our recent history I would not encourage people to buy without a down payment. It is a great time to buy, but you need to be ready to buy. You should not get into the market just to say you own a home. Take your time and save at least 3.5 percent and do an FHA mortgage. Best with your decision.
0 votes Thank Flag Link Tue Feb 7, 2012
I am not sure what your question is asking (as the 2 points aren't mutually exclusive) However, yes, there are there are 0 down options but because they are riskier loans (for the bank) there will be lots of requirements.
Mass Housing, VA, and USDA

Good luck!

http://territory.com
Web Reference: http://territory.com
0 votes Thank Flag Link Fri Feb 3, 2012
Sorry... but Mass Housing is NOT the only way. Again, Renay... it all depends on your specific situation. Speak with someone who is well versed on all scenarios.

Regards,
Scott
0 votes Thank Flag Link Fri Feb 3, 2012
Mass. Housing is the only way. Salem Five Bank is a leader in Mass. Housing financing.

Mike Cincotta
Salem Five Bank
michael.cincotta@salemfive.com
781 389 8026
0 votes Thank Flag Link Fri Feb 3, 2012
What does being a first time homebuyer have to do with needing a down payment?
0 votes Thank Flag Link Fri Feb 3, 2012
There are loan programs that are 0% down put out by Mass Housing, VA, and USDA. There will be varying requirements with each program. The down payment does not really have anything to do with being a first time home buyer.
0 votes Thank Flag Link Fri Feb 3, 2012
Being a first time home buyer has some benefits, but it has nothing to do with a down payment.
If you are financing a property, how much you put down depends on many factors: The property itself, your credit worthiness, and where you are buying.
If the property is FHA approved, you may buy with as little down as 3.5%.
This is your best bet, unless you qualify for some special program sponsored by the federal government: VA, USDA, etc.
No foreclosures, No REOs.
0 votes Thank Flag Link Thu Feb 2, 2012
Conventional is 3%
FHA is 3.5%
USDA and va are 0% down but there are limitations.

Most fthb will gravitate to FHA. The down payment can be a gift from family.
0 votes Thank Flag Link Thu Feb 2, 2012
It depends.

You could potentially buy a home with ZERO down if you qualified for a VA Loan (aka- you are a Veteran)... OR, if you bought a home that was in a rural area. USDA Rural Development loans provide 100% financing for homes bought in specific areas. Mass does have quite a few towns that qualify.

You could also get into a home with 3.5% down through an FHA Loan. These are VERY popular with First Time Home Buyers. And seeing as a seller can contribute up to 6% of your closing costs... you could potentially get into the home with NO money out of pocket!

I work extensively with Fist Time Home Buyers, helping them navigate the waters and obtain them the best loan for their scenario... so if you have any questions or want to see what you qualify for... please feel free to contact me. All my info can be found @ http://www.LendWithScott.com.

Regards,
Scott
0 votes Thank Flag Link Thu Feb 2, 2012
Yes. At minimum, you will need 3 percent down for MA housing. Tell me where you are looking and I will let you know if I can help.

Thanks
Kenzo

617 233 9651
Kenzo.tatsuno@nemoves.com
0 votes Thank Flag Link Thu Feb 2, 2012
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