MassHousing’s Down Payment Assistance Empowers First-time Buyers

February 26, 2020

- By MassHousing

Working with buyers who don’t have enough for a down payment? MassHousing’s down payment assistance is helping thousands of first-time buyers across Massachusetts. And now there are two options, depending on the borrower’s income and where they want to buy.

No matter which option is right for your client, it pays to ask a lender about down payment assistance from MassHousing. In today’s high-priced and low-inventory market, down payment assistance is proving to be a difference-maker for many buyers. It is leading to more sales for REALTORS®

What’s the best next step? Have your clients get in touch with a MassHousing approved lender. They can get pre-qualified, pre-approved, and be on their way to owning their first home.

Option 1:

Qualified buyers who earn up to 100% of the area median income (or 135% of AMI in Boston or a Gateway City*) can get down payment assistance (DPA) of up to 5% of the purchase price or $15,000, whichever is less. Eligible properties are single-families, condos, and 2-, 3-, and 4-family homes. DPA comes in the form of a second mortgage loan with a 2% interest rate and a 15-year term.

Option 2:

Qualified buyers who earn up to 80% of the area median income and who buy in Boston or a Gateway City* can get down payment assistance (DPA) of up to 3% of the purchase price or $15,000, whichever is less. Eligible properties are single-families and condos. DPA comes in the form of a second mortgage loan with a 1% interest rate and a 15-year term.

More information can be found at www.masshousing.com or by calling 888-843-6432.

*Massachusetts Gateway Cities: Attleboro, Barnstable, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Revere, Salem, Springfield, Taunton, Westfield, and Worcester.