First Time Home Buyers

Good Harbor Advisors |
Categories
GHAdvisor Newsletter

Home prices are soaring, and many people are finding it difficult to enter the home market for the first time. That is certainly the case here in Gloucester where young people find it increasingly difficult to stay in their hometown. Availability of affordable homes is limited and prices are beyond reach in many areas.

There are several programs to help first-time and income-tested home buyers. It depends on many factors and where you are located. Still, it is worth researching the available programs to find possible downpayment assistance, lower downpayment, and interest rate programs that might be available.

  • Government loans: Mortgage programs with flexible eligibility requirements to help first-time buyers qualify for a home loan
  • Down payment assistance: Government grants and loans that can be applied towards the down payment on a new home
  • Closing cost assistance: Grants and loans that can be used to cover all or part of your upfront closing costs
  • Government tax deductions: Mortgage credit certificates that offer federal tax breaks to first-time buyers
  • Home buyer education: Educational classes that teach first-timers the basics of homeownership and the home-buying process

There are also many state assistance programs to supplement down payments and interest rates. Links to articles can be found here:

Best First-Time Home Buyer Government Programs For 2024 (themortgagereports.com)

Massachusetts First-Time Home Buyer Programs 2024 | Home & Money (homeandmoney.com)

https://www.calhfa.ca.gov/dream/index.htm