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Massachusetts Mortgage Programs

What to Know Before Buying a Home in Massachusetts

Although buying a home is an exciting step, it can be really challenging to navigate the housing market and align your finances. The purchasing and offer process varies state to state, which is why it’s important to work with a mortgage lender that has experience across multiple states. Here are some of the differences to be aware of when shopping for a home in Massachusetts.

Property Types Vary Greatly

Larger cities like Boston and Worcester offer everything from luxury condominiums to classic New England “triple-decker” apartment buildings, while multimillion-dollar single family homes can be found up and down the coast. The further west you travel in Massachusetts, you’ll find more rural, single family housing; USDA and VA loans are more common in Western and Central MA than in more populous areas.

Banks vs. Mortgage Brokers

Metro Boston is teeming with mortgage brokers, many of whom cater to working professionals such as doctors, attorneys and engineers in search of a higher-end product. On the other hand, mortgage lenders are harder to find west of Boston, where banks handle the majority of residents’ mortgage needs.

Know Massachusetts Tax Rules

The Massachusetts property tax rate averages 1.17%, higher than the 1.07% national average. The seller is responsible for paying this transfer tax.

Attorney Involvement is Required for Real Estate Transactions

Unlike many other states, a Massachusetts real estate transaction requires the involvement of an attorney. The attorney fees are also typically higher than in other states, with Boston-based real estate attorneys charging a flat fee between $1,500 and $3,000, rather than an hourly rate.

Two-Step Purchase Contract Process

In Massachusetts, the initial offer is drafted on a shorter form, typically either the Massachusetts Association of Realtors (MAR) Contract to Purchase Real Estate (with contingencies), or the Greater Boston Real Estate Board (GBREB) Offer to Purchase Real Estate. That offer needs to have contingencies in place that must be met, including the home inspection. Once the inspection is complete, the Purchase and Sale Agreement (P&S) becomes the final contract. Keep in mind, the initial offer is a binding contract, so you’ll want to include financing and sale contingencies in that initial offer.

No Need for a Disclosure Form

Massachusetts sellers are not required to complete a disclosure form with property defects. The only disclosure they’re required to make is for lead paint in homes built prior to 1978.

Dual Agency

In Massachusetts, the real estate agent can represent both the buyer and seller simultaneously.

Interested in talking through the home buying process in greater detail? Let’s chat

Blue water has offices in:

Hampton, NH, Bedford, NH, Lebanon, NH, New London, NH, and Meredith, NH.

Why a Massachusetts Mortgage Broker Is Your Best Real Estate Investment

When it comes to savvy, lasting real estate investments, a Bay State home backed by a Massachusetts mortgage could be the best choice for you.

A state steeped in history, the Commonwealth of Massachusetts has played a significant historical and cultural role in American folklore. As one of the original 13 colonies, Massachusetts boasts such historic places as Plymouth Rock, the landing place of the pilgrims, as well as Harvard University, the nation’s oldest institution of higher learning.As the most populous state in New England, the Bay State is a hotbed of politics, culture and higher education.

With roughly 80 colleges and universities spread throughout the commonwealth, it’s no wonder why so many young professionals choose to start families in Massachusetts. While Boston is its epicenter of life, Massachusetts also offers living opportunities both in a dense urban and open rural setting. Depending upon where you live in the Commonwealth, you can be only a few T-stops away from Fenway Park and the Prudential Center, or within a short ride to the vast expanse of the Appalachian Trail or Berkshires. People buy homes in Massachusetts because of the solid education system and the fact that it is a job seekers paradise.

If you do plan on enlisting a Massachusetts mortgage to affordably live in the Commonwealth, be sure to capitalize on the many unique, state-specific homeownership benefits. State leaders have developed a resource page for homebuyers that provides information on first time home buyer assistance. There are also many programs, such as tax credits, that make it even more affordable to get a Massachusetts mortgage. And when you do decide to move to the Bay State, you’ll have access to free, state-created resource courses and online tools designed to help homeowners purchase and maintain their residence; such as how to navigate a home inspection; considerations for insurance coverage; crime and safety advice, budgeting; and how to reduce your overall home costs and utility bills via smarter energy efficiencies.


Common Loans

Fixed Rate – Fixed Rate mortgage loans are predictable payments because they maintain a fixed interest rate for the entire life of the loan, as opposed to loans where the interest rate may be adjusted.

Refinancing – When homeowners take out a new home loan to replace their existing one (to help reduce monthly payments and gain long-term savings), the new loan pays off the initial loan.

First Time Home Buyers – We’re happy to help guide you through a transparent and predictable mortgage process.

Conventional Mortgage Loans in MA – Conventional loans are most common, private-sector loans that are not government-backed but follow guidelines set by Fannie Mae and Freddie Mac.

Non-Conventional – These loans cater to borrowers who may have been rejected for a conventional loan due to self-employment, bankruptcy or unsteady employment history.

Adjustable Rate – This mortgage has an adjustable interest rate, which might allow a buyer to start with a lower monthly payment.


Low Down Payment & Government Loans

Low Down Payment – These government-backed loans only require a 3.5% down payment, even for borrowers with less-than-perfect credit.

FHA – These loans are more forgiving for people with lower credit scores – and are designed to help borrowers who might not qualify for conventional loans.

FHA 203K – This government loan is flexible for fixing up homes with deferred maintenance.

VA – Veterans mortgages are like a conventional loan, but with specific benefits for veterans such as no down payment, no cash reserves and no application fee.

USDA – These rural home loans have low rates, no down payment and are designed for borrowers who purchase homes in communities of less than 20,000 people.

Home Loans for Bad Credit – Clear lingering credit history issues and discover a mortgage option that suits your financial situation.


Additional Loans

Jumbo – A Jumbo loan is a mortgage exceeding the conforming lending limit of Fannie Mae or Freddie Mac, which in most areas is $417,000.

Non-Owner Occupied – If you are purchasing a property that will not be your primary residence with between one and four units, you may face more red tape since it has a higher risk of default.

HELOC – A home equity line of credit, often thought of as a second mortgage, allows the dispersal of the loaned funds at any time the borrower chooses, instead of all at once like a traditional mortgage.

Home Improvement – Whether you’re looking to renovate, remodel or increase the value of your home, this program can help get the job done.

Police & Firefighters – Serving as a first responder in the community can help secure optimal terms on a home mortgage loan.

Why Blue Water Mortgage?
No Surprises
No Surprises
With over 150 years of collective experience, our mortgage brokers have seen it all. This level of expertise enables us to anticipate and quickly resolve any issues that might arise and close on time, every time.
Personalized Services
Personalized Services
Buying a home is one of the biggest purchases you’ll make in your entire life. That’s why our brokers are available via phone 24/7 to address any concerns or answer any questions you might have about the mortgage process.
Competitive Rates
Competitive Rates
Blue Water is locally owned, so we aren’t beholden to banks. That means we’re able to offer a more diverse portfolio of mortgage products tailored to your specific needs, as well as more competitive rates and lower closing costs.
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