At MEP NE, we have mortgage programs for first-time homebuyers in Massachusetts and New Hampshire. There are many housing programs designed to provide affordable and sustainable homeownership, specifically for creditworthy individuals of all incomes. There are first-time homebuyer programs designed to help borrowers overcome the down payment hurdles and reduce the competition for rental housing.
What is a first-time homebuyer?
The answer might surprise you. Fannie Mae defines a first-time homebuyer as someone that meets the following criteria:
An individual is to be considered a first-time homebuyer who is:
- purchasing the security property;
- will reside in the security property as a principal residence; and
- had no ownership interest (sole or joint) in a residential property during the three-year period preceding the date of the purchase of the security property.
Great programs for first time homebuyers include:
- FHA loans
- Home Ready
- Home Possible
- Affordable Housing Programs
- Rent to Own