5 Things to Know if You're a First-Time Homebuyer [Cambridge, MA]

Buying your first home is a big step! Luckily there are plenty of resources to assist Cambridge first-time homebuyers. 

You can take a first-time homebuyer class.

The Cambridge Housing Division offers a free four-week workshop covering the following topics:

  • Budgeting and Credit

  • The Housing Search Process

  • Obtaining a Mortgage

  • Legal Issues

  • Home Inspections

  • Insurance

  • Successful Homeownership

  • Financial assistance programs

They also offer special courses on various topics throughout the year as well as individual counseling. You can also search for a MA first-time homebuyer class online

You may qualify for affordable housing program.

There are a number of affordable housing programs at both the state and local levels. Massachusetts has a number of public housing programs, particularly for low-income, elderly, handicapped, and special needs residents. The City of Cambridge has an affordable homeownership resale pool where eligibility is based on income limits. The Cambridge Affordable Housing Trust has a financial assistance program for first-time homebuyers.

Cambridge offers down payment assistance of up to 6% of the purchase price to first-time homebuyers who qualify. You can read more about the income and eligibility requirements here

You should understand all the costs associated with buying a home.

It’s not just your mortgage payment. When you buy a home, you’ll want to budget for:

  • Utilities

  • Taxes

  • Transaction costs

  • Closing costs

  • Costs associated with yard work

  • Snow removal

  • HOA fees

  • Inspections

  • Special assessment

You’ll also want to have a plan for the future of your home. Is this your long-term home? Do you plan to sell it or rent it someday? These may impact the size of the investment that you’re willing to make today.

You can find a mortgage for first-time homebuyers.

There are a few state and federal programs that provide mortgage assistance to first-time buyers. The Massachusetts Housing Partnership offers low-interest loans based on income. MassHousing offers a number of mortgage products for new homeowners, as well as classes and other resources. The Federal Housing Authority provides loans and other assistance.

It’s crucial to get a pre-approval for a loan, whether through an affordable housing program or through a bank.

A realtor can help you navigate the process.

Real estate agents are experts on the ins and outs of home buying. Contact Sage for professional guidance.

Previous
Previous

A Guide to Somerville's Real Estate Market

Next
Next

A Beginner’s Guide to Buying an Apartment Building