============================================================ TITLE: Massachusetts Mortgage Information for Homebuyers TYPE: article VERSION: 1 VERSION_ID: 59d9eb4a-8dea-4173-8ec0-2a6922efafe6 GENERATED_AT: 2026-03-31T21:44:08.255Z SUMMARY: Detailed information about Massachusetts mortgage options, including MassHousing, FHA, conventional, and ONE Mortgage, as well as first-time homebuyer programs and other resources for obtaining a home loan. AUTHOR: Buyers Brokers Only, LLC DATE PUBLISHED: October 3, 2015 READING TIME: 9 min WORD COUNT: 1607 KEYWORDS: Massachusetts Mortgage Information for Homebuyers SOURCE URL: https://www.buyersbrokersonly.com/buying/massachusetts-mortgage-resource-center ============================================================ KEY TAKEAWAYS: * Free Consultation * Home Buyer Testimonials * Homebuyer Workshop * Home Buyer Resources * Company (978) 835-5906 Homes Home Listings Get Property Updates Agents Resources Home-buying Blog Buyer Beware! 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MA Buying Guide NH Buying Guide Homebuyer Checklist Mortgage Resources Home-buying Articles Relocation Blog Home Loan Referral Video * Home-buying Blog * Buyer Beware! * MA Buying Guide * NH Buying Guide * Homebuyer Checklist * Mortgage Resources * Home-buying Articles * Relocation Blog * Home Loan Referral * About Testimonials FAQ Site Map Learn About Us Disclaimer Privacy Policy Terms of Service Press Room Home * Testimonials * Learn About Us * Disclaimer * Privacy Policy * Terms of Service * Press Room * Book a Consultation Massachusetts Mortgage Resource Center Information about mortgage programs and obtaining a mortgage for first-time homebuyers and other home-buying consumers. # Massachusetts Mortgage Resource Center #### Information about mortgage programs and obtaining a mortgage for first-time homebuyers and other home-buying consumers. • How Much Cash Do Massachusetts First-time Homebuyers Need? One of the most difficult parts of buying a home for Massachusetts first-time homebuyers is saving for the down payment. So how much cash on hand does a homebuyer need to buy a home? The short answer is that you do not need 20 percent. Massachusetts homebuyers have mortgage loan options that allow for significantly less than a 20 percent down payment, as well as other options that might actually lower the overall cost of borrowing. Read more ... • 15 Mortgage Loan Terms First-time Homebuyers Should Know Massachusetts first-time home buyers sometimes feel like they are listening to a foreign language when learning about the many lending terms related to a mortgage loan. There are many and several sound similar. The following are 15 loan terms first-time home buyers should definitely know. Read more ... • Massachusetts First-time Home Buyers Have 'ONE Mortgage' Massachusetts first-time home buyers who fall into the low- to moderate-income category will want to consider the "ONE Mortgage" loan program from the Massachusetts Housing Partnership. A fixed interest rate, low down payment and no PMI are just some of the benefits of the ONE Mortgage.  Read more ... • Two Important Things Home Buyers Need to Know About FHA Mortgages There are two reasons why Federal Housing Administration mortgages typically are more expensive then other mortgage loan programs.  Read more ... • Is Freddie Mac's Home Possible Mortgage For You? Despite what many potential homebuyers are told by friends, family or acquaintances or learn from websites and other media, you do not need a 20 percent down payment to purchase a home.  Read more ... • HomeReady Mortgage is a Low Down Payment Option for Homebuyers Massachusetts first-time homebuyers year after year cite saving for a down payment as the biggest obstacle to buying a home; however, many potential homebuyers mistakenly believe they need to save enough money for a 20 percent down payment. Read more ... • Costs First-time Homebuyers Should Consider Beyond Mortgage Payments You have provided your loan officer with your pay stubs, W-2s, tax returns, bank statements and other financial documents. The lender has reviewed the documents and provided you with a pre-qualification or pre-approval letter. You're all set to go house hunting in Massachusetts, and you'll know exactly how much it will cost you to be a homeowner. Not exactly.  Read more ... • What is a Mortgage Interest Rate Lock?  For most Massachusetts homebuyers researching lenders and home loan programs, the mortgage interest rate is one of the most important factors in deciding which lender and/or loan program to use to finance the purchase of a home. Read more ... • Information About VA Loans If you are a Massachusetts military veteran or current service member who is hoping to buy a home, you have access to great loan options through both the federal and state government. The two main programs available to you are the federal VA Loan and the state Operation Welcome Home. Read more ... • First-time Homebuyers Should Consider MassHousing Many homebuyers mistakenly think that MassHousing loans are only available to low-income first-time homebuyers in Massachusetts. Although there are income limits and loan limits, homebuyers are often surprised by how much a borrower can earn and borrow and still qualify. Read more ... #### • How Much Cash Do Massachusetts First-time Homebuyers Need? One of the most difficult parts of buying a home for Massachusetts first-time homebuyers is saving for the down payment. So how much cash on hand does a homebuyer need to buy a home? The short answer is that you do not need 20 percent. Massachusetts homebuyers have mortgage loan options that allow for significantly less than a 20 percent down payment, as well as other options that might actually lower the overall cost of borrowing. #### Read more ... #### • 15 Mortgage Loan Terms First-time Homebuyers Should Know Massachusetts first-time home buyers sometimes feel like they are listening to a foreign language when learning about the many lending terms related to a mortgage loan. There are many and several sound similar. The following are 15 loan terms first-time home buyers should definitely know. #### • Massachusetts First-time Home Buyers Have 'ONE Mortgage' Massachusetts first-time home buyers who fall into the low- to moderate-income category will want to consider the "ONE Mortgage" loan program from the Massachusetts Housing Partnership. A fixed interest rate, low down payment and no PMI are just some of the benefits of the ONE Mortgage. #### • Two Important Things Home Buyers Need to Know About FHA Mortgages There are two reasons why Federal Housing Administration mortgages typically are more expensive then other mortgage loan programs. #### • Is Freddie Mac's Home Possible Mortgage For You? Despite what many potential homebuyers are told by friends, family or acquaintances or learn from websites and other media, you do not need a 20 percent down payment to purchase a home. #### • HomeReady Mortgage is a Low Down Payment Option for Homebuyers Massachusetts first-time homebuyers year after year cite saving for a down payment as the biggest obstacle to buying a home; however, many potential homebuyers mistakenly believe they need to save enough money for a 20 percent down payment. #### • Costs First-time Homebuyers Should Consider Beyond Mortgage Payments You have provided your loan officer with your pay stubs, W-2s, tax returns, bank statements and other financial documents. The lender has reviewed the documents and provided you with a pre-qualification or pre-approval letter. You're all set to go house hunting in Massachusetts, and you'll know exactly how much it will cost you to be a homeowner. Not exactly. #### • What is a Mortgage Interest Rate Lock? For most Massachusetts homebuyers researching lenders and home loan programs, the mortgage interest rate is one of the most important factors in deciding which lender and/or loan program to use to finance the purchase of a home. #### • Information About VA Loans If you are a Massachusetts military veteran or current service member who is hoping to buy a home, you have access to great loan options through both the federal and state government. The two main programs available to you are the federal VA Loan and the state Operation Welcome Home. #### • First-time Homebuyers Should Consider MassHousing Many homebuyers mistakenly think that MassHousing loans are only available to low-income first-time homebuyers in Massachusetts. Although there are income limits and loan limits, homebuyers are often surprised by how much a borrower can earn and borrow and still qualify. • 5 Credit Score Myths Homebuyers Should Know What are those 11 herbs and spices? How does that cola taste that way? How did they come up with my credit score? It may seem like Fair Isaac, the company behind the FICO Credit Score, is as secretive as KFC and Coca-Cola when it comes to its credit score recipe, but there are apparently some credit score myths we now have confirmation aren't true.  Read more ...  • Do Mortgage Credit Inquiries Hurt a Homebuyer's Credit Score A common concern among potential homebuyers shopping for a mortgage is that multiple credit inquiries will negatively affect their credit score. It's not exactly true, and the myth has been perpetuated by some mortgage professionals who want to discourage potential borrowers from shopping around.  Read more ... • What is Debt-to-Income Ratio? Massachusetts homebuyers should understand debt-to-income ratio when applying for a mortgage loan because it is one way lenders measure your ability to manage monthly mortgage payments. Read more ... • 4 Things Homebuyers Should Not Do During the Loan-approval     Process If you are considering the purchase of a home, you're likely aware of the importance of obtaining a mortgage loan. What you might not be aware of is that what may seem like routine financial moves can derail the home loan process and prevent you from buying a home. Read more ... • What Do Homebuyers Have to Provide Lenders to Receive a Loan Estimate Since October 3, 2015, loan officers are required to provide consumers with a Loan Estimate once the potential borrower provides six pieces of information. Your loan officer cannot require you to provide documents verifying this information before providing you with a Loan Estimate. The lender must provide you a Loan Estimate within three business days of receiving your application. Read more ... • Who Pays for the Home Appraisal? When you buy a single-family home or condominium in Massachusetts your mortgage lender will want to know whether the home you are buying is worth the amount of money you have agreed to pay the seller. Read more ... • What is a Closing Disclosure? A Closing Disclosure is a five-page form that provides the final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage. Read more ... • Homebuyers Shouldn't Confuse the Note and Mortgage at Closing After the lender's real estate attorney, also known as the closing attorney, explains at closing to the homebuyer that by signing the "note" he or she is promising to pay the loan amount back, homebuyers are sometimes surprised when the attorney then presents the mortgage document to be signed. Read more ... • What are Closing Costs When Buying a Home in Massachusetts In addition to the down payment, homebuyers need to pay closing costs. Closing costs are the collection of fees, expenses and charges associated with purchasing a home with a mortgage loan. The amount of closing costs will vary depending on the price of the property, the type of home loan, the lender and whether the homebuyer is paying any "points" to lower the interest rate on the loan. Read more ... • 4 Mortgage Myths Massachusetts Homebuyers Should Know About There is a lot to know and understand about mortgage loans when you're a first-time homebuyer. There also are a lot of mortgage misconceptions, but the following are four of the more common myths about getting a home loan Massachusetts homebuyers should know. Read more ... #### • 5 Credit Score Myths Homebuyers Should Know What are those 11 herbs and spices? How does that cola taste that way? How did they come up with my credit score? It may seem like Fair Isaac, the company behind the FICO Credit Score, is as secretive as KFC and Coca-Cola when it comes to its credit score recipe, but there are apparently some credit score myths we now have confirmation aren't true. #### • Do Mortgage Credit Inquiries Hurt a Homebuyer's Credit Score A common concern among potential homebuyers shopping for a mortgage is that multiple credit inquiries will negatively affect their credit score. It's not exactly true, and the myth has been perpetuated by some mortgage professionals who want to discourage potential borrowers from shopping around. #### • What is Debt-to-Income Ratio? Massachusetts homebuyers should understand debt-to-income ratio when applying for a mortgage loan because it is one way lenders measure your ability to manage monthly mortgage payments. #### • 4 Things Homebuyers Should Not Do During the Loan-approval     Process If you are considering the purchase of a home, you're likely aware of the importance of obtaining a mortgage loan. What you might not be aware of is that what may seem like routine financial moves can derail the home loan process and prevent you from buying a home. #### • What Do Homebuyers Have to Provide Lenders to Receive a Loan Estimate Since October 3, 2015, loan officers are required to provide consumers with a Loan Estimate once the potential borrower provides six pieces of information. Your loan officer cannot require you to provide documents verifying this information before providing you with a Loan Estimate. The lender must provide you a Loan Estimate within three business days of receiving your application. #### • Who Pays for the Home Appraisal? When you buy a single-family home or condominium in Massachusetts your mortgage lender will want to know whether the home you are buying is worth the amount of money you have agreed to pay the seller. #### • What is a Closing Disclosure? A Closing Disclosure is a five-page form that provides the final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage. #### • Homebuyers Shouldn't Confuse the Note and Mortgage at Closing After the lender's real estate attorney, also known as the closing attorney, explains at closing to the homebuyer that by signing the "note" he or she is promising to pay the loan amount back, homebuyers are sometimes surprised when the attorney then presents the mortgage document to be signed. #### • What are Closing Costs When Buying a Home in Massachusetts In addition to the down payment, homebuyers need to pay closing costs. Closing costs are the collection of fees, expenses and charges associated with purchasing a home with a mortgage loan. The amount of closing costs will vary depending on the price of the property, the type of home loan, the lender and whether the homebuyer is paying any "points" to lower the interest rate on the loan. #### • 4 Mortgage Myths Massachusetts Homebuyers Should Know About There is a lot to know and understand about mortgage loans when you're a first-time homebuyer. There also are a lot of mortgage misconceptions, but the following are four of the more common myths about getting a home loan Massachusetts homebuyers should know. Free Consultation Home Buyer Testimonials Client: Kate M. "Thank you so much for all your hard work & dedication in helping me to find the perfect condo. You will never know how much it means to me!! Thank you for being so patient with my 50 million questions about everything!! You have been such a blessing through this whole process ..." Client: Alexis V. & Michelle T. "... as we continue to settle down in our new home, we cannot stop marveling at our good fortune. With your patient assistance, we found a lovely home. You were wonderful to work with ..." Client: Derek A. & Aimee D. "We highly recommend Buyers Brokers Only, LLC. They have a unique and practical business model, that adds TREMENDOUS value to the buyer."   More Testimonials ### Home Buyer Testimonials Client: Kate M. "Thank you so much for all your hard work & dedication in helping me to find the perfect condo. You will never know how much it means to me!! Thank you for being so patient with my 50 million questions about everything!! You have been such a blessing through this whole process ..." Client: Alexis V. & Michelle T. "... as we continue to settle down in our new home, we cannot stop marveling at our good fortune. With your patient assistance, we found a lovely home. You were wonderful to work with ..." Client: Derek A. & Aimee D. "We highly recommend Buyers Brokers Only, LLC. They have a unique and practical business model, that adds TREMENDOUS value to the buyer." More Testimonials Homebuyer Workshop Home Buyer Resources Massachusetts Home Buyer Guide New Hampshire Home Buyer Guide Rhode Island Home Buyer Guide Wants v. Needs Worksheet Home Buyer House Scoring Tool 103 Home Buyer Terms Download Greater Boston Home Buyer Blog ### Home Buyer Resources Massachusetts Home Buyer Guide New Hampshire Home Buyer Guide Rhode Island Home Buyer Guide Wants v. 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A: One of the most difficult parts of buying a home for Massachusetts first-time homebuyers is saving for the down payment. So how much cash on hand does a homebuyer need to buy a home? The short answer is that you do not need 20 percent. Massachusetts homebuyers have mortgage loan options that allow for significantly less than a 20 percent down payment, as well as other options that might actually lower the overall cost of borrowing. Q: • Is Freddie Mac's Home Possible Mortgage For You? A: Despite what many potential homebuyers are told by friends, family or acquaintances or learn from websites and other media, you do not need a 20 percent down payment to purchase a home. Q: • What is a Mortgage Interest Rate Lock? A: For most Massachusetts homebuyers researching lenders and home loan programs, the mortgage interest rate is one of the most important factors in deciding which lender and/or loan program to use to finance the purchase of a home. Q: • What is Debt-to-Income Ratio? A: Massachusetts homebuyers should understand debt-to-income ratio when applying for a mortgage loan because it is one way lenders measure your ability to manage monthly mortgage payments. Q: • Who Pays for the Home Appraisal? A: When you buy a single-family home or condominium in Massachusetts your mortgage lender will want to know whether the home you are buying is worth the amount of money you have agreed to pay the seller. Q: • What is a Closing Disclosure? A: A Closing Disclosure is a five-page form that provides the final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage. ------------------------------------------------------------ ABOUT THIS CONTENT ------------------------------------------------------------ Source: https://www.buyersbrokersonly.com/buying/massachusetts-mortgage-resource-center Author: Buyers Brokers Only, LLC Published: October 3, 2015 This content is provided for informational purposes. Please visit the original source for the most up-to-date information.