It is a common refrain among would-be first-time buyers: If only we could get some help with a down payment. That help is available today, with one of MassHousing's two down payment assistance options:
Option 1: Up to 5% of the purchase price or $15,000, whichever is less
Who is eligibile: Qualified buyers who earn up to 100% of the area median income (AMI) or 135% of AMI in Boston or a Gateway City.* Search income limits by city or town.
Eligible properties: Single-families, condos and 2-, 3- and 4-family homes
Form of assistance: A second mortgage loan with a 2% interest rate and a 15-year term
Option 2: Up to 3% of the purchase price or $15,000, whichever is less
Who is eligible: Qualified buyers who earn up to 80% of the area median income and who buy in Boston or a Gateway City*
Eligible properties: Single-family homes and condominiums
Form of assistance: A second mortgage loan with a 1% interest rate and a 15-year term
*Massachusetts Gateway Cities are 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.
What’s the best next step? Contact an approved lender to see if a MassHousing Mortgage with Down Payment Assistance might be right for you!
Want more information? Learn more about Down Payment Assistance from MassHousing, or call 888-843-6432 to speak with our in-house homebuying experts.