Down Payment Assistance
When getting a MassHousing Mortgage, you could receive up to $50,000 in Down Payment Assistance
We know how difficult it is to save for a down payment. MassHousing’s Down Payment Assistance can help you get over the down payment hurdle, and help you become a homeowner faster!
Who is eligible for MassHousing Down Payment Assistance?
First, you must be approved for a MassHousing mortgage. Learn if you may be eligible.
Next, you may be eligible for down payment assistance of 10% of a home's purchase price, up to either $50,000 or $30,000, depending on where you’re buying.
Up to $50,000 for homebuyers who purchase a home in the following communities:
Boston, Attleboro, Barnstable, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Framingham, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Randolph, Revere, Salem, Springfield, Taunton, Westfield, and Worcester.
Up to $30,000 for homebuyers who purchase a home in all other Massachusetts communities
Buying elsewhere in Massachusetts? You may be eligible for down payment assistance of 10% of a home's purchase price, up to $30,000.
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.
Type 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.
Type 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.
| DPA Type | Repayment | Maximum DPA Amount | Home Purchased in | Interest Rate | APR | DPA Loan Must be Paid Off |
|---|---|---|---|---|---|---|
| 1 | Deferred | 10% of the sales price or $50,000, whichever is less | Gateway Communities* and the City of Boston, Framingham and Randolph. | 0% | 0% | Upon the sale of the property Upon refinancing of the property If the first mortgage is paid off |
| 1 | Deferred | 10% of the sales price or $30,000, whichever is less | All other communities in the Commonwealth of Massachusetts. | 0% | 0% | Upon the sale of the property Upon refinancing of the property If the first mortgage is paid off |
| 2 | Amortizing (monthly payments required) over 15 years | 5% of the sales price or $15,000 whichever is less | All communities in Massachusetts. | 2% | 2% | Upon the sale of the property Upon refinancing of the property |
*The 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.