Home Buying in Boston>Question Details

Laura F, Home Buyer in Boston, MA

Hello. I have come to the point where I am done paying rent and realize that I should look into buying a condo or a townhouse.

Asked by Laura F, Boston, MA Mon Sep 17, 2012

I can afford paying the mortage payments each month but I do not have enough to put down for a down payment. I also don't even know the best option to go to or where to start. Can someone help me. Right now I live in the Newton Ma area.

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Answers

17
Hi Laura,
A ffew steps are:
1) Check your finances (talk to financial advisor, review credit score, debt level, etc.) and gather paperwork (proof of income, bank stamts, tax returns (last 2 years), etc.
2) Get preapproved from a lender (bank, credit union, or other). That’ll tell you how much house you can afford.
3) Based on your affordability level (from preapproval), ask yourself what would be your dream home like and where (what locations) it would be nice for you, etc.
4) Hire a real estate agent to help you find your dream home and on how to go about buying it.
5) Check your schedule and plan your move (when current lease ends, or best time to move, etc.)
6) Start packing and get movers to haul your stuff into your brand new dream home.

Congratulations!
Jaime Fernandez-de-Castro
1 vote Thank Flag Link Tue Sep 18, 2012
If you haven't found a good local professional to help you yet, let me know.
We have a good network of professionals.


(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
0 votes Thank Flag Link Fri Nov 2, 2012
Hi Laura,

In my opinion, you should apply for a FHA Loan. In this loan facility, the down payment requirements are lower than you expected. For instance, with the FHA program, the minimum down payment is currently 3.5%. If you are a First Time Buyer purchasing a home in a London "rural" area, so you can save your money and you can avoid the situations regarding heavy mortgage charges. You can also take help of Plaza estate firm to know more about the loan facilities.Consider talking to an exclusive buyer's agent right away so they can help guide you through the process and costs associated with buying a property.
http://www.plazaestates.co.uk
0 votes Thank Flag Link Mon Sep 24, 2012
Congrats on your decision to become a home owner vs. renting. According to the Buffini Real Estate report, for the past 12 years, the average home owner’s net worth has been 31 to 46 times than that of a renter. That is a HUGE difference in building one's own net worth. Another staggering figure that is cheaper to buy than rent in nearly 3/4 of American cities. The Greater Boston Area is no exception as we have seen rents increase over the last 3 years tremendously.

The best place to start is to sit down with a mortgage professional to gain a better understanding of which price point you should start your search at. I always start my clients off on this step so they spend their time looking homes they can afford. It is important to understand the financial responsibility and buy within your means. I usually advise my clients to pick a local bank like Leader Bank or NEMoves Mortgage. A good mortgage broker will have their finger FHA programs and Mass Housing lending options.

Next find a buyer's agent that you feel comfortable with. Interview several until you find what you are looking for in an agent. Make sure they are a Realtor not just an agent and they work in the targeted neighborhood or town you are focusing your search. If you are looking in Boston you can even find agents that specialize in the micro markets like JP, South End etc. It is important to partner with an agent that is plugged in and does this as their full time business. Real Estate is a FULL TIME

Good luck with your search and there is still time to find something this fall.

John J. Dean Jr.
REALTOR® Community Observer, Certified Negotiation Specialist
http://www.johndeanrealestate.com
617-844-2764 - Direct
203-305-0445 - Mobile
800-955-1813 - Fax
John.Dean@NEMoves.com
0 votes Thank Flag Link Sun Sep 23, 2012
Hi Laura. Congrats, on making the decision to buy a home and build...it is a great first step. Your next step should be connecting with a good real estate agent that will educate and assist you with the process. Finding an experienced agent that you connect well with is vital. You must feel comfortable knowing that you're agent is working for you and looking out for your best interest. They should be a good resource and refer good mortgage brokers, attorneys and home inspectors that you'll need to get through the process. Give me a call or email and we can chat about your needs and possibilities.
0 votes Thank Flag Link Tue Sep 18, 2012
Hello Laura-

One option to avoid a costly down payment would be to apply for a FHA Loan. These loans will typically only require you put down 3 to 3 1/2 percent .

If you would like to talk more in depth, please give me a call on my cell phone.

Amy Reed
617.699.0033
0 votes Thank Flag Link Tue Sep 18, 2012
Good morning Laura,

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for. You might find to your surprise that the down payment requirements are lower than you expected. For instance, with the FHA program, the minimum down payment is currently 3.5%. If you are a First Time Buyer purchasing a home in a Census Bureau designated "rural" area then you may qualify for a no money down USDA mortgage.

Your Local Mortgage Banker can guide you accordingly.

Good Luck!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
0 votes Thank Flag Link Tue Sep 18, 2012
Hi, Laura ~

I live in Newton myself and specialize in helping first time buyers like you. Feel free to give me a call for a no-cost/no-obligation consultation and I can point you in the right direction.

Best Regards,
Stephen
617.417.7264
0 votes Thank Flag Link Mon Sep 17, 2012
Hi Laura!

You are not alone! Interest rates are so low that investing now is a great option. It sounds like you are just getting started which means figuring out how much you can afford and IF you can afford to buy a property of your own. Consider talking to an exclusive buyer's agent right away so they can help guide you through the process and costs associated with buying a property.

Territory.com, The exclusive real estate agency for First Time Home Buyer's
617 848 5407 x704
Web Reference: http://territory.com/
0 votes Thank Flag Link Mon Sep 17, 2012
Give me a call 781-424-2886. I'm from that area myself.
0 votes Thank Flag Link Mon Sep 17, 2012
Hi Laura,

I would be more than happy to have a conversation with you and help you get the resources you need. In some communities, there are even grants available to help with down payments.

As an exclsuive buyer agent, all I do is help home buyers find and buy the home that is right for them.
Please call me at 617 447-0709 or e-mail me at garydwyer@yahoo.com and we can set up a time to chat on the phone or in person about your specfic situation.

Kind regards

Gary Dwyer, Broker / Owner
Buyer Agents of Boston, LLC
http://www.BuyerAgentsOfBoston.com
0 votes Thank Flag Link Mon Sep 17, 2012
Generally you will need at least 5% of the purchase price as a down payment, thus if you were looking at a purchase price of $300K, your down payment would be $15K. If you don't have at least 5% to put down you are generally out of luck unless you qualify for BRA housing programs which cater to low-income/asset first time home buyers.
0 votes Thank Flag Link Mon Sep 17, 2012
Generally you will need at least 5% of the purchase price as a down payment, thus if you were looking at a purchase price of $300K, your down payment would be $15K. If you don't have at least 5% to put down you are generally out of luck unless you qualify for BRA housing programs which cater to low-income/asset first time home buyers.
0 votes Thank Flag Link Mon Sep 17, 2012
Hi Laura,

Your first step should be to talk to a lender and possibly a financial planner, then an agent that can help you with the type of properties and areas that you are interested in. Please feel free to contact me for recommendations and of course we can act as your broker. We do not participate in dual or designated agency. You can find out more information about our company at http://www.fallonresidential.com.

Cheers!
-Nadine Fallon
Broker/Owner, Realtor
Fallon Residential, LLC
0 votes Thank Flag Link Mon Sep 17, 2012
Hi Laura,

we'd be happy to help, email us at info@wenrealty.com
0 votes Thank Flag Link Mon Sep 17, 2012
Good Afternoon Laura! Buying right now is a great choice. Prices are still reasonable and interest rates haven't been better. You have several low down payment options. Masshousing & FHA. Masshousing has a 3% down no MI program for 1st time buyers. FHA is a little more restrictive and offers 3.5% down.

Message me and I'll be happy to go into future detail and point you in the right direction.

Jeff
http://www.jeffreyhcarter.com
0 votes Thank Flag Link Mon Sep 17, 2012
The first place to start is to talk to a lender who can advise you what you could qualify for. Based on what the prices are for what/where you want to buy, you can then figure oout what you need for a downpayment. I'm happy to provide a free consultation if you can provide your contact info. Masha@preservationproperties.com
0 votes Thank Flag Link Mon Sep 17, 2012
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