Home Buying in Boston>Question Details

Emily, Home Buyer in Boston, MA

I am a recent college graduate looking to take advantage of today's real estate market in Boston (condo).

Asked by Emily, Boston, MA Sat May 3, 2008

Considering I am just starting out and I am aware I'd be considered low income (I make under 46k a year) I was curious if any real estate agent would be willing to help out low income people and help find grants, etc....or are there specific agents/agencies that help out in that area?

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Answers

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Hi Emily, be aware that - based on our current market conditions, you may be able to buy a home through a short sale. This is when an owner cannot afford to keep their property, they consider selling it quickly to avoid foreclosure. Their banks would usually accept a lower price than what's owed on the property. This is a great alternative for when grants aren't readily available. You can always check with your realtor, and ask if they have any short sale property listings, and those may be in your budget as opposed to regular priced homes. My company works directly with HUD and run into alot of pre-foreclosure clients who put their homes on the market through our company, looking to do a short sale. If you'd like to explore this option under no obligation, you can always call us at (617) 296-7730, or check out our website at http://www.cfsexperts.com We are Consumer Financial Services... Good luck with your search Emily.
Shavonne Overton
Web Reference: http://www.cfsexperts.com
0 votes Thank Flag Link Tue Jun 3, 2008
Hi Emily, this is a great time to buy - My son just bought his first home a few months ago. As your other answers document, there are lots of programs based on your income level. There are affordable housing links that you may want to consider this site - I don't think it was mentioned - The calculation includes income and savings - If you're elgible, you may do well to work thru this yourself as these agencies don't compensate agents.
http://www.chapa.org/housing_lotteries.htm (I did work this thru with a relative of mine and I know that realtors are not used.)
However if you want to consider MetroWest once you do your duediligence - I would be delighted to help you out anyway I can!
0 votes Thank Flag Link Mon May 26, 2008
Any Realtor can work with you. The affordable housing is mostly about the price and financing. Those pages have some nice resources.
https://www.masshousing.com/portal/server.pt
http://www.mhp.net/
http://www.comteam.org/hcec.htm
Best of luck
0 votes Thank Flag Link Thu May 8, 2008
Hello Emily,

The Massachusetts Housing Department (Mass Housing) has great programs for first-time homebuyers! Not only that, but in order to be accepted into one of their programs, Mass Housing insists that the potential new home-buyer take part in a course that covers everything a new home owner will need to know from the initial offer on a house, to the closing process and things that you will need to know during your first year as a new home owner. I had a client buy a beautiful home in Reading, MA last spring through a Mass Housing program and things could not have gone better for them! Best of luck and feel free to contact me if your search leads to the Melrose area.
Web Reference: http://www.masshousing.com
0 votes Thank Flag Link Tue May 6, 2008
Hi Emily,

Each City/Town has there own way of handling these situations and it really relies on what funding they get from the State and Federal Government. The best place to start out is at the City/Town hall or Community Development office.
I know from working on the North Shore that Salem has two very aggressive first time home buyer downpayment assistance programs. I don't know if Salem is a possibility for you but if you want me to e-mail you the information, let me know. Best of Luck!
0 votes Thank Flag Link Sat May 3, 2008
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