Expert: Eric Forster - 12/5/2004

Question
Hi G.E.

Ok..so my wife and i need to buy a house!  Unfortunately we live in Massachsetts, so anything decent is going to cost us at least $265,000...We;re not looking for a mansion, just a nice house to raise a family.

For some reason, we are not looking in the right places for 'first-time home buyers.'  Can you reccommend any sites, or info?  Oh yeah...we only have about $5k to put down ( i mean really, how can anyone afford a house these days?)

Also, i have talked to a mortgage company...my credit score is about 620...which i guess isn;t awful, but i know that it's not as high as can be...i guess my question is how do people with no money and bad credit get houses and i can;t seem to fathom how we will afford one?  What are we missing?

Any help would be greatly appreciated!
Andrew

Answer
Hi Andrew,

As you've discovered for yourself, it's not easy to buy a house when you live in an expensive area, unless you have good income, credit and enough for a decent down payment.

Having said that, it still doen't mean that you are locked out of the housing market. Many cities, counties and states have programs for first time home buyers which allow families to buy a home with little or no money down, even when the credit is "iffy."

Below is a list of some of the programs offered in your state, with contact numbers.

Best wishes,

Eric Yaari

SPA WHOLESALE CODE
  
C = Coventional
F = FHA V = VA
R = RD
  

Eligible 1st MTG. LOAN TYPES
  
State
  
DAP Maximum Assistance Amount
  
Contact
  
Phone #
PROGRAM NAME
DMACAMPAW    Cambridge Purchaser Assist Program (PAP)    C F    MA    $10,000    Robert Vining    (617) 349-4642
DMALYNNGW    Infill Housing Homeownership Program (IHHP)    C F V    MA    $25,000    Brandi Walker    (781) 581-8607
DMALAWDPW    Lawrence Down Payment Loan Program (DPL)    C F V    MA    $10,000    Paula Stuart    (978) 794-5891
DMACBAALW    Lowell Coalition For A Better Acre HOME Homeowner Acquisition Loan Program (HHALP)    C    MA    $10,000    Terry Anderson    (978) 452-7523
DMALOWELW    Lowell First Time Home Buyer Program (FTHB)    C F    MA    $10,000    Jackie Karen    (978) 446-7158
DMAQUINCW    Multi-Communities, Quincy Community Action Programs, Inc. Downpayment Assistance Program    C    MA    $9,000    Rona Goodman    (617) 479-8181
DMANWBDFW    New Bedford Neighborhoods First Time Homebuyer Program    C F    MA    $6,000    Christina Connelly    (508) 979-1500
DMASACTYW    Salem First Time Homebuyer Program (FTHB)    C F    MA    $8,000    Ellen Butler    (978) 745-9595
DMASPRFDW    Springfield Homebuyer Assistance Program (HAP)    C F V    MA    $25,000    Judy Scotland    (413) 787-6500
DMATAUNTW    Taunton First Time Home Buyer Program (FTHB)    C F    MA    $10,000    Mary Ellen Rochette    (508) 821-1030