and, do so annually!
Getting a mortgage for a home can be a challenge for many buyers for a variety of reasons. However, high-cost-of-living states such as Massachusetts pose an additional challenge – higher down-payment requirements. Fortunately, the Feds understand this and try to keep the FHA low-down-payment mortgages available in such high-cost states particularly where counties see skyrocketing prices. As long as your loan amount doesn’t exceed $598,000, you will be able to purchase a home with an FHA-insured mortgage with only 3.5% down. Therefore, your purchase price cannot exceed $620,000 unless you are willing to increase your down payment to compensate for the higher price.