First Time Homebuyers Find Help in Ipswich

The Salem News has reported that the Ipswich Planning Board is offering cash incentives for first-time home buyers.

First-time buyers can get up to $10,000 to help with their purchase, provided:

1. They make no more than $46,300 for a single person, $66,150 for a family of four
2. The property is in Ipswich
3. The purchase price is less than $250,000

The money can be applied to a down payment or to reduce the size of the mortgage.

Home buyers will need to act fast. This deal is only available through the end of June 2008.

For more information, click here or call the Ipswich Planning Department at 978-356-6607.

Fannie Mae Scraps Higher Downpayment Requirements

On Friday, May 16th, Fannie Mae scrapped its increased minimum down-payment requirement for homes in declining markets. This replaces a December policy that required a higher minimum down-payment if the loan was for a home in a market with declining real estate prices (not necessarily distressed areas). The government-sponsored mortgage financier said it will continue to require minimum downpayments of between 3%-5% for all loans that it guarantees.