Down Payment Assistance up to $30,000
Available with a MassHousing Mortgage for home purchases in every city and town in Massachusetts!
Read to buy your first home? Get to know MassHousing
Saving for a down payment is one of the biggest challenges homebuyers face. That's why MassHousing provides eligible homebuyers with Down Payment Assistance of up to $30,000 when purchasing a home in every city and town in Massachusetts.
Who is eligible for Down Payment Assistance from MassHousing?
To be eligible for Down Payment Assistance from MassHousing, you must
- Be an income-eligible first-time homebuyer
- Purchase a single-family home, condominium, or 2-, 3- or 4-family property that will be your primary residence
- Pair Down Payment Assistance with an affordable MassHousing Mortgage loan to purchase your home
Additional eligibility requirements apply. See if a MassHousing Mortgage with Down Payment Assistance may be right for you.
Down Payment Assistance Details
MassHousing provides down payment assistance in the form of a second mortgage loan. MassHousing-approved lenders determine which type and the amount of down payment assistance a borrower is eligible for.
Option 1 DPA is an interest-free deferred payment second mortgage loan, which means that no payments are due until the property is sold, refinanced, or the first mortgage loan is paid off, at which time, the entire balance is due.
Option 2 DPA is a 15-year amortizing second mortgage loan at a fixed 2% rate of interest (APR 2%), which means that the borrower makes monthly payments of principal and interest for 15 years on this second loan, in addition to the monthly payments on their first mortgage loan.
Option 3 DPA is a 15-year amortizing second mortgage loan at a fixed 3% rate of interest (APR 3%), which means that the borrower makes monthly payments of principal and interest for 15 years on this second loan, in addition to the monthly payments on their first mortgage loan.
| DPA Option | Repayment | Maximum DPA Amount | Home Purchased in | Interest Rate | APR | DPA Loan Must be Paid Off |
|---|---|---|---|---|---|---|
| 1 | Deferred | $30,000 | All communities in the Commonwealth of Massachusetts Subject to income and 1st Mortgage Program eligibility |
0% | 0% |
Upon the sale of the property If the first mortgage is refinanced If the first mortgage is paid off |
| 2 | Amortizing (monthly payments required*) over 15 years | $25,000 | All communities in the Commonwealth of Massachusetts Subject to income and 1st Mortgage Program eligibility |
2% | 2% |
Upon the sale of the property If the first mortgage is refinanced If the first mortgage is paid off |
| 3 | Amortizing (monthly payments required†) over 15 years | $25,000 | All communities in the Commonwealth of Massachusetts Subject to income and 1st Mortgage Program eligibility |
3% | 3% |
Upon the sale of the property If the first mortgage is refinanced If the first mortgage is paid off |
*Payment Amount Example: A DPA loan in the amount of $25,000 would have 180 payments of $160.88.
†Payment Amount Example: A DPA loan in the amount of $25,000 would have 180 payments of $172.62.