Home Buying in Worcester>Question Details

Mom, Home Buyer in Whitinsville, MA

My son want to buy a house in Worcester but doesn't have much money saved for a down payment. He is a teacher in the Worcester SD.

Asked by Mom, Whitinsville, MA Wed Nov 14, 2012

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12
I would contact a local lending professional to help with this answer.
There is not enough detail in your question.

I know this guy can be helpful: rtranchell@totalmortgage.com
Bob Tranchell Total Mortgage Services LLC (508) 367-5731 cell


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0 votes Thank Flag Link Sun May 26, 2013
we also ofer the MHP program. Best out there. 3% down and no PMI and I have put many teachers in this program.
0 votes Thank Flag Link Fri Dec 7, 2012
A lender, and , or, home buying center should be able to tell him if he would qualify for down payment assistance. Also, he can get a 100% gift and do FHA. Citizens Bank also offer free grants for those who qualify income wise. Grants are usually available in Febuary are we give 3% up to $3500 to be towards down payment. I am in the Holyoke office in case you want to contact me. 413-627-6999
0 votes Thank Flag Link Fri Dec 7, 2012
Hi Mom - Have him check with a local lender for Down Payment Assistance programs, which could come in many different forms and from many different sources, there are even special programs for teachers, nurses, cops and firefighters.

Otherwise, have him contact Connie LeDuc. (508) 485-6807 AHBBHomes@cleduc.com

She is an Exclusive Buyer's Agent. (a real estate agent that ONLY works with home buyers). Let me know how it works out for him.

Good Luck!!!

Ron Jensrud
100% for Home Buyers - 100% of the Time!
0 votes Thank Flag Link Wed Dec 5, 2012
We have rent-to-own homes that would allow your son to move in with a low option payment, and then apply part of his rent to save up for the down payment to purchase the home with bank financing.
0 votes Thank Flag Link Wed Dec 5, 2012
Is he a first time home buyer? so many programs where he can put as little as 3% percent down or take out a second loan for the downpayment... he needs a good mortgage officer!
0 votes Thank Flag Link Thu Nov 15, 2012
I would go in and sit down with the mortgage person at your local back and find out what your options are. They will tell you what you need to do to get approved and what amount you can have for a loan plus the down payment. It will help get you a better understanding of where you are and where you need to be. So even if he doesn't have the money now he can get on track to save up.
0 votes Thank Flag Link Thu Nov 15, 2012
Mom,

There are so many great deals out there and lots of loan programs that are perfect for your sons situation. We work with Deborah Jordan and Shamrock Financial and would love to discuss your options.
0 votes Thank Flag Link Wed Nov 14, 2012
Hi Mom,
There are great programs available for first time homebuyers.
While the city of Worcester is not a USDA eligible neighborhood,
there are programs I have available with as little as 3% down payment.
And, the City of Worcester does have down payment assistance available for eligible buyers.
please contact me at deb.jordan@shamrockfinancial.com and I will be happy to assist.
0 votes Thank Flag Link Wed Nov 14, 2012
Greetings, There are a number of low down payment options around including some with zero down. It is also sometimes possible to negotiate the seller paying most or all of the closing costs. So, if his work is secure and credit ratings suitable he may well be able to buy either in Worcester or a surrounding town. I recently did a transaction with a policeman who was a veteran and used a VA loan -- I think his total out of pocket to move in was less than $1000. USDA loans (depending on location) are also an option. There are ways!
Paul.Foss@RealLiving.com if he would like some help.
Regards, Paul
0 votes Thank Flag Link Wed Nov 14, 2012
Mom, I work with many first time buyers and would be happy to help your son with his search. I am working with a buyer client right now who is a school teacher and she was able to get a great rate with a lender I work with who offers loan programs for teachers. Feel free to email me or call me for more information.
0 votes Thank Flag Link Wed Nov 14, 2012
Mom,

He can check into the Buy Worcester Now program. They offer several different options for buyers and sometimes offer down payment assistance to qualified buyers. If you would like more info on the program, please feel free to email or call me and I would be happy to help you with the info.
0 votes Thank Flag Link Wed Nov 14, 2012
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