{"id":14669,"date":"2026-09-01T19:23:03","date_gmt":"2026-09-01T23:23:03","guid":{"rendered":"https:\/\/baycoast.bank\/?p=14669"},"modified":"2026-09-01T19:23:09","modified_gmt":"2026-09-01T23:23:09","slug":"first-time-homebuyer-guide","status":"publish","type":"post","link":"https:\/\/baycoast.bank\/pt-pt\/insights\/first-time-homebuyer-guide\/","title":{"rendered":"First-Time Homebuyer 101: What Massachusetts and Rhode Island Buyers Should Know Before They Start House Hunting"},"content":{"rendered":"<div class=\"lazyblock-resource-hero-weJRw wp-block-lazyblock-resource-hero\"><div class=\"noHero\" style=\"height: 10rem;\"><\/div>\n\n<div class=\"spacer\"><\/div>\n\n<div class=\"section\">\n\t<div class=\"smallWrapper gutenberg\">\n\t    \n\t    <div class=\"categories flex\" style=\"justify-content: flex-start;\">\n\t\t\t<div class=\"h6\" style=\"margin-right: 2rem;\"><a href=\"https:\/\/baycoast.bank\/resource\/insights\">Insights<\/a><\/div>\n\t\t\t\t\t\t\n\t\t\t<div class=\"primaryColor dot h6\" style=\"transform: scale(2.2); \">\u00b7<\/div>\n\n\t\t\t<div class=\"h6\" style=\"margin-left: 2rem;\">\t\t\t\t1 de Setembro, 2026        \n\t\t\t<\/div>\n\t\t<\/div>\n\t    \n\t    <h1 class=\"h2 blue bgWhite\" style=\"max-width: 50rem\">First-Time Homebuyer 101: What Massachusetts and Rhode Island Buyers Should Know Before They Start House Hunting<\/h1>\n\t    \n\t    <hr style=\"margin-bottom: 7rem;\">\n\t  \n\t<\/div>\n\t\n\t<div class=\"wrapper\" style=\"justify-content: center; max-width: 90rem;\">\n\t\t<div style=\"width: 100%; position: relative;\">\n\t\t\t<img decoding=\"async\" src=\"https:\/\/baycoast.bank\/wp-content\/uploads\/2026\/09\/First-Time-Homebuyers-in-Massachusetts-and-Rhode-Island.jpg\" role=\"img\" aria-label=\"First-Time Homebuyer 101: What Massachusetts and Rhode Island Buyers Should Know Before They Start House Hunting\" style=\"width: 100%; height: auto;\" \/>\n  \t\t<\/div>\n\t<\/div>\n<\/div>\n\n          <\/div>\n\n<div class=\"lazyblock-interior-content-ZSUfYm wp-block-lazyblock-interior-content\"><div class=\"spacer\"><\/div>\n\n<div class=\"section\">\n\t<div class=\"paddedWrapper\">\n\t\t<div class=\"wrapper flex gutenberg\" style=\"justify-content: center;\">\n\n\t\t\t\n\t\t\t<div class=\"smallWrapper gutenberg\">\n\t\t\t\n\t\t\t\t<div class=\"h3\"><\/div>\n\t\t\t  \n\t\t\t  \t<hr style=\"margin-bottom: 5rem;\">\n\t\t\t\t\n\t\t\t\t\n\n<style>\n.bc-img {\n  display: block;\n  width: 100%;\n  height: auto;\n  border-radius: 10px;\n  box-shadow: 0 6px 28px rgba(0, 0, 0, 0.12);\n  margin: 12px 0 32px;\n}\n<\/style>\n\n\n\n<p class=\"wp-block-paragraph\">BayCoast Mortgage | Serving Massachusetts &amp; Rhode Island<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Buying your first home is exciting, and it&#8217;s also the point where good information matters most. Before you fall in love with a listing, it helps to understand what a lender is actually going to look at, what your loan options are, and what local resources exist to make the numbers work in your favor. Here&#8217;s what Massachusetts and Rhode Island buyers should know before they start touring homes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Get to Know Your Loan Options Before You Shop<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Not all mortgages work the same way, and the right one depends on your finances, your service history, and the property you&#8217;re buying.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n  <li>Conventional loans follow Fannie Mae or Freddie Mac guidelines and are the most common mortgage type, typically requiring stronger credit, though options exist with less than 20% down.<\/li>\n  <li>FHA loans are government-backed and popular with first-time buyers because they allow lower down payments and more flexible credit requirements.<\/li>\n  <li>VA loans are available to eligible veterans and service members and can offer 100% financing with no private mortgage insurance.<\/li>\n  <li>USDA loans support buyers purchasing in eligible rural and suburban areas, often with no down payment required.<\/li>\n  <li>MassHousing loans are Massachusetts-specific programs designed to help first-time and moderate-income buyers.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Knowing which category you fall into before you start touring homes saves time and helps you shop in the right price range from day one.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What a $350,000 Purchase Actually Costs by Loan Type<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The down payment number changes significantly depending on which loan type you use, and it&#8217;s worth seeing side by side before you start shopping. On a $350,000 home:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n  <li>Conventional loan with 20% down: $70,000 down payment, no private mortgage insurance required.<\/li>\n  <li>Conventional loan with 5% down: $17,500 down payment, plus private mortgage insurance until you reach 20% equity.<\/li>\n  <li>FHA loan with 3.5% down: $12,250 down payment, plus mortgage insurance premiums for most of the loan term.<\/li>\n  <li>VA loan for eligible veterans: as little as $0 down, with no private mortgage insurance at all.<\/li>\n  <li>First-time buyer using BayCoast Mortgage&#8217;s Down Payment Assistance program: potentially $7,500 to $10,000 less needed at closing, depending on the loan type combined with the DPA match.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">These are simplified examples, and your actual numbers will depend on your credit, the property, and current loan terms, but they illustrate why the loan type conversation should happen before the house hunting conversation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Get Pre-Approved, Not Just Pre-Qualified<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Pre-qualification is a quick, informal estimate. Pre-approval means a lender has actually reviewed your income, credit, and assets and is prepared to lend a specific amount. In a competitive local market, where good listings in towns like Dartmouth, Fairhaven, and Swansea in Massachusetts, or Bristol and Cranston in Rhode Island, can move fast, a pre-approval letter tells sellers you&#8217;re a serious, qualified buyer, not just someone browsing.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Don&#8217;t Underestimate the Down Payment Gap<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Saving for a down payment is often the single biggest barrier to homeownership, especially for first-time buyers without an existing property to sell. BayCoast Mortgage&#8217;s Down Payment Assistance program offers a dollar-for-dollar match of up to $10,000 for eligible first-time buyers purchasing in qualifying Massachusetts and Rhode Island communities, a resource worth asking about before you assume you need to save the full amount on your own.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Understand the Full Cost of Homeownership<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Your mortgage payment is only part of the monthly picture. Budget for property taxes, homeowners insurance, and, depending on your loan type and down payment, private mortgage insurance. It&#8217;s also worth setting aside a reserve for the maintenance and repair costs that come standard with owning rather than renting. A local loan officer can walk through a full monthly estimate with you, not just the loan principal and interest.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Work With a Lender Who Knows the Local Market<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">National online lenders can quote a rate, but they don&#8217;t always know that flood insurance is a real consideration in certain coastal Massachusetts and Rhode Island communities, or how a particular town&#8217;s assessment cycle affects your tax escrow. A local lender who closes loans in New Bedford, Fall River, Providence, and Newport every month brings a level of market knowledge that a call center can&#8217;t replicate.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Documents to Have Ready Before You Apply<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Pre-approval moves faster when you have your paperwork ready ahead of time. Most lenders, including BayCoast Mortgage, will ask for:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n  <li>Recent pay stubs, typically covering the last 30 days<\/li>\n  <li>W-2s or tax returns from the past two years<\/li>\n  <li>Bank statements for the past two to three months<\/li>\n  <li>Photo identification<\/li>\n  <li>Documentation of any additional income, such as bonuses, rental income, or child support<\/li>\n  <li>Information on existing debts, including student loans, auto loans, and credit cards<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Self-employed buyers should expect to provide profit and loss statements and additional tax documentation, since income verification typically takes longer without W-2s.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Common First-Time Buyer Mistakes to Avoid<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A few mistakes show up again and again with first-time buyers, and they&#8217;re easy to avoid once you know to watch for them.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n  <li>Shopping for homes before talking to a lender, which leads to falling in love with a price range you may not actually qualify for.<\/li>\n  <li>Making a major purchase, such as a car, or opening new credit during the mortgage process, which can change your debt-to-income ratio and jeopardize your approval.<\/li>\n  <li>Assuming you need 20% down, when several loan types allow considerably less.<\/li>\n  <li>Not budgeting for closing costs, which typically run 2% to 5% of the purchase price on top of the down payment.<\/li>\n  <li>Skipping the home inspection to make an offer more competitive, which can turn into a costly mistake after closing.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Frequently Asked Questions<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">How much down payment do I actually need?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">It depends on the loan type. Conventional loans often require a down payment, though some programs allow less than 20%. FHA loans can go as low as 3.5%. VA and USDA loans can require no down payment for eligible buyers. First-time buyers may also qualify for BayCoast Mortgage&#8217;s Down Payment Assistance program, which can match up to $10,000.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What credit score do I need to buy a home?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Requirements vary by loan program. Conventional loans typically require higher credit scores than FHA loans, which are generally more flexible. Rather than assuming you don&#8217;t qualify, it&#8217;s worth talking to a loan officer directly. They can review your specific situation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How long does it take to get pre-approved?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">With your income, asset, and credit documentation ready, pre-approval can often be completed within a few business days.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Does BayCoast Mortgage lend outside Massachusetts and Rhode Island?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">BayCoast Mortgage is licensed to lend in several additional states, though Massachusetts and Rhode Island remain the core of where we serve buyers.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What are closing costs, and how much should I budget?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Closing costs typically run 2% to 5% of the purchase price and cover expenses like the appraisal, title insurance, attorney fees, and loan origination fees. On a $350,000 home, that&#8217;s roughly $7,000 to $17,500 in addition to your down payment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Should I get pre-approved with more than one lender?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">It&#8217;s reasonable to compare offers. Shopping within a focused window, typically 14 to 45 days, generally counts as a single credit inquiry for scoring purposes rather than several separate ones.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What happens if my pre-approval expires before I find a home?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Pre-approvals are typically valid for 60 to 90 days. If you haven&#8217;t found a home yet, your loan officer can refresh your documentation and reissue the pre-approval.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Start With a Conversation, Not a Guess<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The best first step isn&#8217;t browsing listings, it&#8217;s talking to a loan officer who can tell you what you actually qualify for. BayCoast Mortgage has loan officers throughout Massachusetts and Rhode Island ready to walk through your options, including first-time buyer programs and down payment assistance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/baycoastmortgage.com\/en\/loan-officers\/\" target=\"_blank\" rel=\"noopener\"><strong>Find a BayCoast Mortgage Loan Officer \u2192<\/strong><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>BayCoast Mortgage Company is a wholly owned subsidiary of BayCoast Bank, serving Massachusetts and Rhode Island. This article is for informational purposes only and does not constitute financial, tax, or legal advice. All loans are subject to credit approval and program guidelines, which are subject to change. NMLS #1082048.<\/em><\/p>\n\n\n\n\t\t\t<\/div>\n\n\t\t<\/div>\n\t<\/div>\n<\/div> <\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":30,"featured_media":14670,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[39],"class_list":["post-14669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insights"],"acf":[],"featured_image_urls_v2":{"full":["https:\/\/baycoast.bank\/wp-content\/uploads\/2026\/09\/First-Time-Homebuyers-in-Massachusetts-and-Rhode-Island.jpg",1300,700,false],"thumbnail":["https:\/\/baycoast.bank\/wp-content\/uploads\/2026\/09\/First-Time-Homebuyers-in-Massachusetts-and-Rhode-Island-150x150.jpg",150,150,true],"medium":["https:\/\/baycoast.bank\/wp-content\/uploads\/2026\/09\/First-Time-Homebuyers-in-Massachusetts-and-Rhode-Island-300x162.jpg",300,162,true],"medium_large":["https:\/\/baycoast.bank\/wp-content\/uploads\/2026\/09\/First-Time-Homebuyers-in-Massachusetts-and-Rhode-Island-768x414.jpg",768,414,true],"large":["https:\/\/baycoast.bank\/wp-content\/uploads\/2026\/09\/First-Time-Homebuyers-in-Massachusetts-and-Rhode-Island-1024x551.jpg",1024,551,true],"1536x1536":["https:\/\/baycoast.bank\/wp-content\/uploads\/2026\/09\/First-Time-Homebuyers-in-Massachusetts-and-Rhode-Island.jpg",1300,700,false],"2048x2048":["https:\/\/baycoast.bank\/wp-content\/uploads\/2026\/09\/First-Time-Homebuyers-in-Massachusetts-and-Rhode-Island.jpg",1300,700,false]},"post_excerpt_stackable_v2":"<p>Insights \u00b7 1 de Setembro, 2026 First-Time Homebuyer 101: What Massachusetts and Rhode Island Buyers Should Know Before They Start House Hunting BayCoast Mortgage | Serving Massachusetts &amp; Rhode Island Buying your first home is exciting, and it&#8217;s also the point where good information matters most. Before you fall in love with a listing, it helps to understand what a lender is actually going to look at, what your loan options are, and what local resources exist to make the numbers work in your favor. Here&#8217;s what Massachusetts and Rhode Island buyers should know before they start touring homes. Get&hellip;<\/p>\n","category_list_v2":"<a href=\"https:\/\/baycoast.bank\/pt-pt\/.\/insights\/\" rel=\"category tag\">Insights<\/a>","author_info_v2":{"name":"BayCoast Marketing","url":"https:\/\/baycoast.bank\/pt-pt\/author\/marketingbaycoastbank-com\/"},"comments_num_v2":"0 comments","publishpress_future_action":{"enabled":false,"date":"2026-09-11 11:42:40","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/baycoast.bank\/pt-pt\/wp-json\/wp\/v2\/posts\/14669","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baycoast.bank\/pt-pt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baycoast.bank\/pt-pt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baycoast.bank\/pt-pt\/wp-json\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"https:\/\/baycoast.bank\/pt-pt\/wp-json\/wp\/v2\/comments?post=14669"}],"version-history":[{"count":1,"href":"https:\/\/baycoast.bank\/pt-pt\/wp-json\/wp\/v2\/posts\/14669\/revisions"}],"predecessor-version":[{"id":14673,"href":"https:\/\/baycoast.bank\/pt-pt\/wp-json\/wp\/v2\/posts\/14669\/revisions\/14673"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/baycoast.bank\/pt-pt\/wp-json\/wp\/v2\/media\/14670"}],"wp:attachment":[{"href":"https:\/\/baycoast.bank\/pt-pt\/wp-json\/wp\/v2\/media?parent=14669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baycoast.bank\/pt-pt\/wp-json\/wp\/v2\/categories?post=14669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}