MassHousing recently rolled out a down payment assistance program to help Massachusetts homebuyers overcome one of the biggest obstacles to homeownership.
Through the program, eligible borrowers can access down payment assistance for up to 3% of the home’s purchase price or $12,000, whichever is less.
"Student debt and high rents make saving for a down payment difficult for even the most creditworthy homebuyers in Massachusetts," said Lisa Fiandaca, MassHousing's Director of HomeOwnership Production. "This program keeps homeownership within reach for working families."
To qualify for down payment assistance, borrowers must be first-time buyers earning no more than 100% of the area median income (AMI), who are purchasing a single-family home, condominium or Planned Unit Development (PUD). Other eligibility restrictions apply.
MassHousing will continue to offer affordable mortgages with low down payment requirements to Massachusetts homebuyers earning up to 135% of AMI. Loans insured by MassHousing feature MIPlus, a unique protection that helps a borrower pay their mortgage if they lose their job.