Putnam Realty | Cape Cod Real Estate, Boston Real Estate


Purchasing your first home can be a thrilling journey, and an incentive can help to lessen the burden. To qualify for this incentive, you don't need a massive pile of cash in the bank for a down payment. You also don't need a perfect credit score. 

As a first time home buyer, there are specific scores to help you secure the fund needed to purchase your first house. If you want to qualify for these incentives, read ahead!

HomeReady Mortgage Program

The HomeReady Mortgage program is best for first time home buyers with a reasonable credit score of 620, with a minimum income and low cash reserves. This program is best for first home buyers, with a down payment of 3 percent. The program ends once your insurance equity reaches 20 percent. 

USDA loan program

If you are considering a home in a rural area, you might qualify for 100 percent financing through the USDA loan program. This program does not require an immediate down payment, and the credit score requirements are a little less stringent compared to a conventional loan.

Energy efficient mortgage program

EEM is another incentive offering program that aims at improving the cost of energy efficiency. However, this will not affect your minimum down payment. Your lender determines your EEM benefit.

Federal housing administration loans

Another option for first time home buyers that have past credit challenges. Also, the down payment for the new home is minimal. This program is backed up by the government and allows you to qualify with a 3.5 percent down payment and a credit score of only 580.

97% LTV Mortgage

If you want to buy your first home, but unable to make at least a 20 percent, this program might be what you need. In a nutshell, this program allows you to make a down payment of only 3 percent. To qualify, you must pursue a fixed rate mortgage, and your home must be used as your primary residence and not as an investment property.

Many programs offer a mouth-watering incentive to first time home buyers. Not all programs would suit your need as a home buyer, and you must do in-depth research and discover a program fits. 

So, if you are a first-time home buyer and you're yet to determine the incentive to go for, now is the appropriate time to start a hunt.


Even a first-time homebuyer can become an informed shopper, i.e. someone who understands the ins and outs of the housing market. In fact, some of the best ways to become informed as you move along the homebuying process include: 1. Determine How Much Money You'll Need. How much money do you have to spend on a home? Find out by getting pre-approved for a mortgage and establishing a homebuying budget. Pre-approval for a mortgage may help you speed up your journey from homebuyer to homeowner. And with the right homebuying budget, you'll be able to narrow your home search to residences that fall within a set price range. Plus, you'll be able to avoid the dangers associated with overspending for a home, along with the risk of falling behind on mortgage payments down the line. In addition, try to determine how much you'll need to cover the down payment, closing costs and other fees you may encounter during the homebuying process. By doing so, you'll be prepared to manage your expenses and ensure you have enough money to purchase your dream home. 2. Evaluate a Wide Range of Houses. Although you might fall in love with the first house you view, it is important to keep in mind that the real estate market is filled with a variety of exceptional residences. Therefore, if you spend some time attending open houses and home showings, you may be better equipped to find the right home quickly. For homebuyers, it usually is a great idea to create a list of must-haves for your house. This list will allow you to search for residences that fit specific criteria. Furthermore, don't forget that an informed homebuyer frequently asks questions as he or she assesses a residence. There is no such thing as a bad question to ask during an open house or home showing, and ensuring all of your concerns and queries are addressed is paramount in your quest to find the right home at the right price. 3. Collaborate with a Friendly, Experienced Real Estate Agent. When it comes to finding your dream home, who says you need to navigate the homebuying process alone? Instead, find a friendly, experienced real estate agent to guide you along the homebuying journey, and you can reap the benefits provided by a housing market expert. Your real estate agent will serve as a key contributor in your efforts to discover your ideal home quickly and effortlessly and will help take guesswork out of the homebuying process, too. Moreover, your real estate agent will be able to set up home showings, keep you up to date about new real estate listings in various cities and towns and provide comprehensive insights and resources into the housing market. As a result, this professional will make it simple for you to move along the homebuying process and guarantee you're satisfied with the end results. Be an informed homebuyer – use the aforementioned tips, and you should have no trouble purchasing your dream residence.

You’ve closed on your new house, moved all your boxes, and started planning how to arrange your furniture. Your family can’t wait to settle in and regain a sense of normalcy after the chaos of moving. But before you get back to your normal routine be sure to add these tasks for new homeowners to your to do list. Each takes just an hour of your time and will help you to stay on top of maintenance as well as familiarize yourself with your new domain.

Start by finding out where your main water shutoff valve is located. This is not something you want to have to find when you are in an emergency. In colder climates, it’s most likely to be found in your basement and if you are in a warmer climate you should find it outside. If you keep a binder for home updates add a note of the location within.

Make sure your attic insulation is the correct depth. You want at least 6 inches and even more in northern states. Ensuring that your insulation is the correct depth will help you to save money throughout the year on heating and cooling costs. If you’re attic doesn’t have the correct depth or is damaged be sure to have it replaced as soon as possible. Oftentimes you can get incentives for improving your insulation and thus creating a more energy efficient home.

Check the temperature of your hot water heater and be sure it is set at 120 degrees tops. If you have an older model add a hot water heater blanket to help retain heat. If you find that your heater leaks you want to replace it immediately. A small leak can quickly lead to a major one, flood your home and cause serious damage. Again, be sure to keep note of the month and year you replaced your heater or which year your current model is.

Replace air filters right away so that you will know when they’ve last been replaced. Add monthly reminders to your calendar to stay on top of this quick maintenance task. You can make this task even easier by buying them in bulk. If you love to be organized label them for each month so you know exactly when you’ll next need to replace them.

Change all of the locks on your home. This is simple enough to do on your own and is an easy proactive safety measure for your family. While one hopes there are no lingering keys out in the world of your home, you can’t be sure of who may have a spare key.  

Take note of any cracks in your basement. If you find any mark their length with a piece of masking tape and mark with the current date. Watch closely to see if the crack spreads beyond the mark. If you find that the cracks are lengthening be sure to get them taken care of by a professional. This is a serious repair you don’t want to wait on.

Buying a new home is an exciting time. Especially after you’ve closed on the house, can begin to move in and start settling into your routine. Before you get too comfortable be sure to add a few tasks to your to do list. Familiarizing yourself with your new home right away will help you stay on top of maintenance and have peace of mind.


The prospect of buying your first home is both exciting and nerve-wracking. On one hand, owning your own house is the final step of financial independence. You’re no longer accountable to a landlord and their rental agreement. On the other hand, buying a home is a huge financial decision that will determine where you live for the next several years.

As a first-time buyer, there’s a lot to learn about buying a house. You’ll often hear homeowners say, “I wish I knew that before buying this house.” So, in this article, we’re going to give you some common mistakes that first-time buyers make so you can have the best possible experience in the home buying process.  

1. Underestimating the costs

When first-time buyers get preapproved for a mortgage, they sometimes see this as permission to spend whatever amount they’re approved for. However, even after closing costs, there are a number of other expenses you’ll need to account for in your budget.

You’ll be responsible for maintenance, utilities, taxes, and repairing things when they get old. If all of your money is tied up just paying your mortgage and other bills, you won’t have anything left over to maintain your house.

Furthermore, living your life just to make your mortgage payments is draining. Instead, buy a house that gives you enough room to save for retirement, vacations, a family, or whatever else you see in your future.

2. Prequalify first

Before you start shopping for homes, make sure you meet some basic prerequisites. You’ll need a solid credit score, steady income history, and money saved for a down payment. You might set yourself up for disappointment looking at homes that are outside of your spending limit if you don’t get prequalified first.

3. This probably isn’t your last home

While it’s okay to dream about the future, don’t set unrealistic expectations for your first home. You can always upgrade later on, and building equity in your first home is a good way to help you do that.

4. Don’t get too attached to your “dream home”

So, you’ve been shopping around for a few weeks and finally found the perfect house. If everything goes well your offer could get accepted. But if it doesn’t, don’t worry about it. There are constantly new houses appearing on the market, and there’s a good chance you’ll like one even more than this one.

5. Don’t waive contingencies without good reason

Contingencies are there to protect you. They might seem like a way to needlessly complicate a contract. Or, you might think that waiving them makes you look better in the eyes of the seller. However, both sellers and their agents know that contingencies serve an important purpose.

The three main contingencies you’ll want when buying a home are an appraisal contingency, financing contingency, and an inspection contingency. Unless you’re buying under special circumstances, you’ll want to keep all three in your contract. 




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