Compare today's rates for Mortgage Refinance in MA
Mortgage rates for Boston, Massachusetts on Lender411 for 30-year fixed-rate mortgages are at 3.00%. That dropped from 3.00% to 3.00%. The 15-year fixed rates are now at 2.56%. The 5/1 ARM mortgage for Boston, Massachusetts is now at 4.56%.
Boston was incorporated as a town in 1630 and became a city in 1822, making it one of America's oldest cities and the capital of Massachusetts. The healthcare research technology and education industries all fuel Boston's wealthy economy.
The Federal Housing Administration (FHA) insures loans that have long been favorites of first time buyers and those with smaller cash reserves thanks to its low down payment requirement and relaxed credit standards. If you qualify, you'll be subject to the following requirements:
Annual mortgage insurance premiums of varying percentage are also required, and paid monthly. New FHA borrowers, however, will receive annual MIP rates of half a percent lower than the original rate, typically 1.35%.
If you’re looking to buy a home in Boston as a first time homebuyer, chances are that you may need some financial assistance to do so. Luckily, you have some resources available to you that will make this process a lot easier and more affordable - including down payment assistance options. To learn more about Boston first time homebuyer programs and your eligibility, visit Lender411's page for Boston first mortgage.
The Massachusetts Housing Partnership, or MHP, offers the ONE Mortgage Program for low to moderate income first time homebuyers. The ONE program was formerly called SoftSecond. The goal of ONE is to eliminate the cost of mortgage insurance and lighten the monthly payment of participants.
Program features and requirements:
Participants who meet specified income requirements may be eligible for an initial interest subsidy, whereby the lender pays for a portion of the mortgage. To find out more about applying for mortgage assistance, visit the ONE Program page for borrower eligibility.
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