What first time homebuyers incentives are currently out there for 2012? I am currently looking into condos in the Waltham area under the $160,000

Asked by Ceverett1214, Arlington Heights, MA Sun Jun 3, 2012

range. How much could I expect to pay total with condo fee, taxes, insurance, etc? Any info would be greatly appreciated as I am just beginning my search.

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Warren Abramson’s answer
Warren Abram…, Home Buyer, Waltham, MA
Sun Aug 5, 2012
I live and work in Waltham. I work for a direct lender who has been in business for 25 years.
We are a preferred lender with Mass housing.
taxes, condo fees, etc vary by complex.
One advantage with Waltham is the residnetial tax excemption as a resident. I can go over that with you.
Please feel free to contact me
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Heath Coker, Agent, Falmouth, MA
Sun Jun 3, 2012
I would talk to a lender who is familiar with the area you are hoping to by in.
Some areas have incentives that local lenders will know about.
Also, local lenders may have internal 1st time programs that are more flexible than the national programs.
The national lenders will have very similar programs that are more generic.

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Territory.c…, Agent, MA,
Sun Jun 3, 2012
Each condo association/building will have different condo fees but expect to pay anywhere from $150-350. If you hire a real estate attorney that can cost you anywhere from $300-$650. Closing costs are also not a fixed amount so expect to pay 2,000+
Since the costs can vary the best option would be for you to speak with a mortgage broker or lender prior to starting your search. That way you will know exactly what you can afford.

good luck!

Web Reference:  http://territory.com
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Kenzo Tatsuno, Agent, Waltham, MA
Sun Jun 3, 2012
For financing questions, please call Ed Mitchell at nemoves mortgage at 617 543 4073. I work in Waltham with many first time buyers and would be happy to help. In the interim, please visit my website and letme know if any questions. Thx
Web Reference:  http://nemoves.com/kenzo
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Lynne Hagopi…, Agent, Framingham and Southborough, MA
Sun Jun 3, 2012
Hi..I am not aware of any special incentives at this time other than what Rich Shapiro wrote in his response. Rates are quite low and if you and the complex qualify for FHA then you have a small down payment. Has anyone offered to set you up on Waltham condo listings? I can connect you through our MLS system that will give you the listing sheets with association condo fees, the real estate taxes etc. and I believe there are links on it for calculating approximate payments with the fees, taxes and insurance added in if you put in an approximate interest rate. I would be happy to do so if you want to contact me directly at LHagopian@hammondre.com and provide me with your email address. THe listings usually come through quickly with photos and all. All I need to know if you are interested in a one or two bedroom, the towns, approximate price range etc. There is no obligation involved but I would be glad to help if needed.

Lynne Hagopian
508 648-0393
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Richard Shap…, , Framingham, MA
Sun Jun 3, 2012
Ps. It's hard to nail down a payment unless you have a specific property. Condo fees will vary. I think Waltham has a residential exemption for taxes on owner occupied property. Rates and mi payment could vary depending on loan program and lender and the amount of down payment.
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Richard Shap…, , Framingham, MA
Sun Jun 3, 2012
I'm fairly sure USDA is not going to work in Waltham. Mass housing would be good. FHA would be good if the condo is on the FHA approved condo list.

I have a 3% down with no pmi product with one of the lenders we work with.
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Judy Boyle, Agent, Marlborough, MA
Sun Jun 3, 2012
Hi Ceverett1214!

There are some terrific financing programs for first-time homebuyers. I am not aware of any "incentives" other than the fact the prices are still down (but rising as inventory is depleted) and the mortgage rates are still at historic lows.

I would recommend you speak to a mortgage consultant to find out which specific financing programs you qualify for. Ask about the USDA Rural Housing Program that provides 100% financing, although there are income limits and only certain communities qualify.

Please feel free to reach out to me directly if you need any referrals for local lenders!

Best of luck!
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