Most of the problems faced by a first-time home buyer include bringing down payment levels and also the qualification of loans. There are many states in the country that have introduced methods to help in these situations. The housing Development Division in Massachusetts have brought up steps to help first-time home buyers to get exposed to non-profit programs and community developers. Municipalities have also come up with plans to help in this situation.
Cambridge Financial Assistance Program
There are a lot of benefits and grants offered to first-time home buyers by the Cambridge Financial Assistance Program that could help to make a payment if a home is to be bought at Cambridge, Massachusetts. The condition lies is such a way that the purchased home should be a primary residence and the restrictions that could limit the sale of the property should be agreed upon. The buyer should at least reside in Cambridge for a minimum of one year to qualify for this. To qualify for this benefit, applicants should show their gross family income which includes child support, wages, alimony etc. the list of debts like credit card bills, loans etc. the savings that are collected for
making the down payment and also to show the estimate of purchase price of the properties of interest. An application should be requested from the Cambridge Development Office and the address is:
The Department of Cambridge Community Development
Cambridge, MA 02139
Individual Development Account
Low-income citizens can avail an Individual Development Account Grant from the Massachusetts Housing and Economic Development Office. These grants are basically ion actuality and matching savings accounts that can used to buy a house. These grants are basically targeted on residents who live in subsidized houses, employed and have a good consistent working history. The process of application will be to get in touch with the office of Housing and Economic Development. A pay stub and resume for the verification of current employment and work history should be shown. The application should be filled and send to the following address:
Massachusetts Housing and Economic Development Office
1 Ashburton Place Room 2101
Boston, MA 02108
Taunton first time home buyer programs
The applicants are supposed to show their proof of income details stocks, wages, alimony, child support etc. and debt information such as student loans, car loans etc. Home buyer training courses is a must to be attended under this for the qualification.
These are the different grants that every first timer can make use of when buying a home.