Select your Scenario
3.5% Down (minimum)
5.956%30-year fixed
10% Down
5.956%30-year fixed · shorter MIP
15-Year FHA
5.956%Faster payoff
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First-Time Homebuyer Programs in ZIP Code 02345
Compare the top low-down-payment programs side by side
Most states offer first-time homebuyer assistance programs that can be stacked with FHA or HomeReady loans — covering down payment or closing cost assistance. Ask your Safe Rate loan officer about programs available in Massachusetts for additional savings.
Frequently Asked Questions
What are current first-time homebuyer rates today in 02345, , MA?
Today's leading benchmark rate for first-time homebuyer rates in 02345, , MA is 6.831% (with an estimated monthly payment of $3,238). Calibrated directly to 02345, , MA's local housing market, Safe Rate shows up-to-the-minute interest rates and points across Conventional, FHA, VA, and Jumbo loan programs daily.
What is the recent trend for first-time homebuyer rates in 02345, , MA?
Mortgage rates for first-time homebuyer rates have shown typical daily fluctuations driven by inflation data and bond yields. Over the past 90 days, rates for first-time homebuyer rates in 02345, , MA have hovered between a low of 6.375% and a high of 6.834%. You can track these daily movements by using the 90-day rate history and trajectory chart featured on this page.
Is an FHA or Conventional loan more cost-effective in 02345, , MA?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $613,522 in 02345, , MA, a standard 20%-down Conventional loan requires an upfront cash down payment of $122,704 but keeps your monthly payment lower at $3,238/mo (at 6.831% interest) with no monthly PMI. In comparison, an FHA loan requires only $21,473 (3.5% down) but has an estimated payment of $3,627/mo (at 5.956% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $592,049 falls comfortably within the local HUD FHA loan limit of $705,550 (1-unit), making FHA financing an exceptionally accessible, high-leverage entry point into the market.
What is the maximum conforming loan limit in 02345 before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in 02345 is $806,501. With a typical local home value of $613,522 in , a standard 20%-down mortgage requires a loan size of $490,818. Because this is within the $806,501 conforming threshold, buyers can qualify for standard conforming conventional financing with competitive rates.
How does the median home value in 02345, , MA impact estimated mortgage payments?
The median home value in 02345, , MA is estimated at $613,522. Buying a typical home here with a standard 20% down payment ($122,704) translates to an estimated starting monthly mortgage payment of $3,238 (principal and interest). Compared to the local area median household income of $129,473 ($10,789/mo), this basic housing payment represents approximately 30.0% of gross monthly household income. This housing cost is well within standard lender affordability guidelines (under the 36% DTI benchmark), demonstrating healthy local purchasing power.