First-time Charles River Park home buyers who work with us often have the same question: Should we or shouldn’t we get a first-time home buyer loan?
In fact, there are a number of advantages and disadvantages attached to this type of loan.
So today, we thought we would take a few moments to share with you what you can expect from getting this type of loan as a first-time home buyer. That way, when it comes time for you to decide how you’re going to finance your Charles River Park condo, you’ll have all of the information you need right at your fingertips.
First-Time Home Buyer Loans 101
A first time home buyer loan offers financial assistance to qualified buyers by utilizing a variety of methods:
- Very low down payments
- low interest costs
- Forgive loans
- Defer payments
With these types of loans, certain restrictions may apply in order to qualify. Thus, it’s important to research beforehand whether you meet those restrictions.
These may or may not include:
- Being prohibited from buying homes in higher price ranges
- Being required to make the newly purchased home your primary residence
- Being prohibited from renting the home to others
These types of loans are certainly great for those buyers who otherwise might not be able to purchase Boston downtown real estate. But there are some disadvantages to this type of loan.
Some of those drawbacks include:
- Buyers are limited to the type of home they want by price range
- Buyers may not be eligible for certain program benefits if they sell their home before a predetermined time limit.
- Buyers may have a limited number of loan types to choose from.
- Buyers may have to pay for recapture taxes in exchange for benefits they receive through the program
For these reasons and more, some first-time home buyers may find it just as beneficial to get a traditional loan, although this should be considered on a case by case basis.
Contact us today to learn even more valuable information that is sure to help you as a Boston downtown first-time home buyer. We are glad to offer you our expert assistance, which includes straight-forward advice and user-friendly resources.
Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
Charles River Park
Surrounding Communities of Boston
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.
Ford Realty Inc
137 Charles Street
Boston, Ma 02114
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