Property Q&A in Salem>Question Details

Cory, Home Buyer in Lynn, MA

i would be a first time home buyer and i have a few questions on the house, are their currently any programs for first time home buyer?

Asked by Cory, Lynn, MA Tue Feb 7, 2012

or possibly a low downpayment option or a 0 downpayment? also is it possible to get a loan that would cover all or part of the downpayment? any help would greatly be appreciated. thank you

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Hello -

As far as financing is concerned, your best (and only) option is Mass Housing. Salem Five Bank is one of the top lenders in the state year after year. Call me for details. 781-389-8026.

Salem Five finances more purchases than any other Massachusetts Bank.
1 vote Thank Flag Link Wed Feb 8, 2012
I'd start by asking a bank how much I can borrow. Then, I'd go to every open house I saw, I would talk to the agent as well as look at the house. I'd choose one I liked - or two. I would not sign up with just one as a buyer. I'd keep going to open houses so I could learn the market values. When I found one I liked, I'd make an offer. I'd keep making offers until I got a good property. Then, inspections and then closing. Then I'd thank God that I live in a country where we have such great opportunities.

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0 votes Thank Flag Link Mon Feb 13, 2012
Hi Cory,

we work with many first home buyers and there are also programs for downpayment assistance for first time home buyers. Also, did you have any specific questions about this property?. It is a short sale which could take sometime to close, be sure you get someone to represent you that understands the process of short sales (you can read about short sales on my website). If we can be of assistance you can emails us at Good luck
Web Reference:
0 votes Thank Flag Link Tue Feb 7, 2012
There are many first time home buyer programs available, including a new MassHousing (3% down) and FHA (3.5%) down. If you are a veteran you can qualify for a zero down mortgage through the Veteran's Administration or MassHousing. There are also down payment assistance programs available through many towns where they will match the money you put down on a property. Income restrictions apply.

Many mortgage programs allow a relative to give you the money for a down payment. If you have a retirement account, you can sometimes use those funds. You can search for down payment assistance at:

The best thing you can do is to find yourself a knowledgeable experienced buyer's agent who can point you in the right direction for down payment assistance... and a lender. That's what their job is (among helping you with many other things), and it doesn't cost anything for their services.

Good luck.

Jim Armstrong
0 votes Thank Flag Link Tue Feb 7, 2012
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. The down payment can also be "gifted" from a family member.

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 @

Scott McCauley
0 votes Thank Flag Link Tue Feb 7, 2012
FHA is most popular FTHB with a 3.5% down payment. MassHousing is another good FTHB program. Not sure of down payment requirements but there are income and property limits. Down payment has to be your own funds but some programs consider gifts from family as "your own funds".
0 votes Thank Flag Link Tue Feb 7, 2012
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