Nearly all lenders that offer affordable first time homebuyer loan products, also offer their own "in-house" assistance programs. These both incentivize you to work with a particular lender, but also can offer additional down payment grants, closing cost assistance, or reduced rates. These can help get you across the finish line.
Comparison shopping is key!
Even if you think you know what lender you want to work with - a home town bank, a credit union, or a national financial institution - you need to shop around! The incentives and assistance lenders provide first time homebuyer can vary a lot. They can also change frequently. It's a good idea to check with at least three lenders and ask:
- Do you offer MassHousing and/or MHP loan products?
- Do you offer down payment or closing cost assistance?
- Do you offer reduced interest rates for first time homebuyers?
- Do you offer special incentives for first time homebuyers?
Compare the answers you get from each lender to make sure you are working with a lender that's offering the most assistance - grants, low interest rates, waived fees, access to affordable loan products. You should also be sure the loan officer you are communicating with seems confident about working with a first time homebuyer. Not all lenders are made the same - compare their credentials and what they can offer! Here you can find lists of lenders that offer MHP and MassHousing loans.