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Updated almost 7 years ago on . Most recent reply
MASSACHUSETTS FIRST TIME HOME BUYER
Hi everyone,
I am located in Massachusetts and was wondering if anyone has advice on first time home buyer mortgages. I was looking into the NACA program, but after some more research, I don't think it's the best route for me. My goal is to purchase a multi-family home and live in one of the units, hoping to have my rent (mostly if not all) covered by my tenants. I would like this to be my first real estate investment, but I'm lost when it comes to loans! NACA looked great because of it's no money down, but as an investment it didn't really fit my goals.
I am looking for a low down payment loan because I don't have much saved right now.
Thank you!
Most Popular Reply
Definitely non-NACA programs in MA. I used one myself to purchase a 2-fam. I used the Right Step loan program through TD Bank, but I believe other banks offer as well since it is a program through Mass Housing. 5% down, 30yr fixed, no PMI, and great rate. You do need to meet pretty generous criteria in regards to income and the property and will need to take a 1st home buyers course and 1st time landlords course. Definitely worth it.