FAQ BY First-Time Home Buyer Programs in MA | Drew Mortgage

Introduction ● ● ● ● ● ●

The first home is special for everyone.

People who buy homes for the first time often have lots of dilemmas.

They look for guidance from experts during the home buying process.

Drew Mortgage is the Best Mortgage Lenders in MA. We decided to clear doubts and help the FTHB through our expertise.

Let’s check out the answered FAQs.

Read more https://www.drewmortgage.com/faq-by-first-time-home-buyers-in-ma/

FAQ 1: Who can be called a First-Time Home Buyer? ● ● ●

A first-time home buyer can be any person who did not own a primary residence for the past three years.

You may have bought a house previously, but a minimum of 3 years of no homeownership can make you eligible for the FTHB benefits.

In the case of a married couple, even if one person is an owner of a home, they can apply for the first-time home buyer mortgage services in MA.

FAQ 2: What are the benefits for First Time Home Buyers(FTHB)? ● ● ● ●

FTHB can enjoy special FTHB mortgage plan benefits, get grants, less down payments, and more.

They get loan plans with easy EMI breakups.

It helps in planning for a bigger than a budget house.

Drew Mortgage Consultants can help you with the best FTHB loan options.

FAQ 3: Are there any Income Criteria for FTHB Loans? ● ● ● ● ●

FTHB Loan Income Criteria differ from program to program.

The USDA Loan Program has certain income limits for eligibility.

The same income criteria apply to the Fannie Mae Program.

Most of the loan programs check the applicant’s debt to income ratio.

A good credit score can widen your eligibility for the best FTHB programs.

FAQ 4: Will I get any Down Payment Relief under FTHB Programs? ● ● ● ● ● ●

A down payment is a big amount for most of the FTHB. Thankfully, there are low down payment options.

You can get the lowest 3% or even the Zero Down Payment option.

Many loan programs cover the down payment amount as well.

We suggest making a maximum down payment to keep the EMIs sustainable.

Try to maintain financial stability.

FAQ 5: What are the different FTHB Loan Programs? ●

Drew Mortgage can help you with all the major loan types.

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VA LOANS

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Designed for eligible veterans, military members, and their surviving spouses.

Zero Down Payment facility.

Funding fees paid by homeowners.

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USDA LOANS

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Loan by ‘The U.S Department of Agriculture’ to the moderate-income group people.

No down payment requirement.

A good option for people who live in a rural area of the state of Massachusetts.

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FHA LOANS

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Program by the U.S Department of Housing and Urban Development.

Pay a lower down payment, and a low credit score is also acceptable.

Connect to Drew Mortgage Consultant to check your eligibility.

FAQ 6: When Should I apply for FTHB Loans? ● ● ●

Consult with the mortgage lenders in MA. Check your eligibility and the best FTHB loan options for you.

Get a clear idea of the plans available and set a limitation on your home choice and budget. ● Drew Mortgage, the best Mortgage lenders in Massachusetts, can overview the budget and the documental requirements. ● Be ready to make the best mortgage decision with Drew Mortgage.

DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road, Shrewsbury, MA 01545 Phone: (508) 753-1656

Peabody Mortgage Lenders

Boston Mortgage Lenders

1 Mt Pleasant Drive Peabody, MA 01960

232 Commercial St.Boston, MA 02109

Phone : (978) 750-1080

Phone : (617) 523-3060