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First-time home buyer programs in Chelsea, MA

Quick answer

First-time buyers in Chelsea, MA can use 3%-down conventional loans (up to the $962,550 Suffolk County conforming limit), 3.5%-down FHA, or VA and USDA where eligible, plus 2 verified city, county or statewide assistance programs. On the $476,500 median home, 3% down is about $14,295 and the estimated payment is $3,941/month at 7.18%.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsData last updated

Median household income: $72,220; value-to-income ratio 6.60. Chelsea ranks 51 by home value and 38 by population among 89 places in our MA dataset.

What does a first-time buyer loan cost on a typical Chelsea home?

ItemChelsea
Median home value (Census ACS)$476,500
Massachusetts median home value$525,800
Down payment (3%)$14,295
Loan amount$462,205
Estimated monthly payment (PITI + MI)$3,941
Income needed (28% / 36%)$169,000 / $132,000
Suffolk County 2026 conforming limit (1 unit)$962,550
Max purchase price at the limit$992,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Payment includes Massachusetts's 1.11% effective property tax rate (Census ACS), $2,134/yr homeowners insurance (NAIC state average) and an estimated 0.5% PMI.

What is the 2026 conforming loan limit in Chelsea?

Chelsea is in Suffolk County. Conventional 3%-down loans go up to the $962,550 conforming limit (price ≈ $992,000); FHA loans go up to $962,550.

The Chelsea median home value of $476,500 is 9% below the Massachusetts median, and within what the county limit supports.

Which down payment assistance programs can Chelsea buyers use?

First-time buyer loans in nearby cities

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First-time buyer loan FAQs for Chelsea

On the $476,500 median: 3% conventional ≈ $14,295, 3.5% FHA ≈ $16,678, and 0% for eligible VA or USDA buyers. Conventional loans above $962,550 in Suffolk County become jumbo loans.

At the $476,500 median value (below the Massachusetts median of $525,800), the estimated payment of $3,941/month at 7.18% needs about $169,000 a year under the 28% housing guideline, or $132,000 if your total debts stay under 36%.

0 city-level, 0 county-level and 2 statewide programs are verified for this city (2 total). Check each official administrator's eligibility rules and available funds.

Sources

Data last updated October 23, 2026.

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Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.