Home Buying in Somerville>Question Details

shirishdesh, Home Buyer in Somerville, MA

To be eligible for an FHA first time home buyer loan, do I have to attend a class/workshop and get certified for the 'low down payment' loans ?

Asked by shirishdesh, Somerville, MA Sun Aug 11, 2013

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3
Any FHA loan is available with 3.5% down, first time home buyer or not. Because of this, you would not have to take a course. If you were interested and qualified for a loan through MassHousing, you would be required to take a course.

I work with both of the program I mentioned, please feel free to contact me for more information:
Jeff Mann
Mid-Island Mortgage
400 west cummings park suite 5800 Woburn, MA 01801
617-584-0540
jmann@mortgagecorp.com
NMLS# 1032683
1 vote Thank Flag Link Sun Aug 11, 2013
As Jeff mentioned below, the best way to find out about all the available ( and often changing) programs, would be to contact a local mortgage broker ..... or better yet two. There are always SO many different mortgage programs available to homeowners, as well as first time home buyers, that having a good mortgage broker in your corner is really the only way to navigate the terrain. I recommend contacting someone local, like the two who took the time to respond to you here, since going through any of the online mortgage aggregation sites is very likely to lead you to a mortgage broker who might promise you the world, and then change their tune as closing approaches.
I wish you the best of luck, and would be happy to assist you further ( if you have not yet found a good REALTOR to work with.)
Web Reference: http://www.erikhook.com
0 votes Thank Flag Link Thu Feb 6, 2014
No need for a class and a 15-20 minute conversation with a competent loan officer will give you more information than an official class
0 votes Thank Flag Link Sun Aug 11, 2013
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