The City of Boston is recipient of some of Obama's stimulus money and it looks like they are putting it to use. Last week I met with Tony from the Department of Neighborhood Development to learn a little bit more about two programs designed to help first-time buyers and low-down-payment buyers afford a home.
Each of these programs requires some education in the city's Homebuyer 101 class. I do recommend these classes but also warn buyers that the service providers also use these classes as business lead generators. For the most part they are good, but you must remember that you are getting one person's point of view and every agent, attorney, inspector and insurance agent brings their own experiences and that might be broad or limited depending on the topic.
The two programs that are of great interest are the Cash-to-Close programs providing down payment and/or closing cost assistance to eligible buyers. I have completed sales using this program and it has it's high points and low points (it is a government program so be prepared for lots of paperwork).
For more information on these and other programs visit the Boston Home Center's website at www.bostonhomecenter.com.
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