MassHousing’ Down Payment Assistance (DPA) Program is putting homeownership within reach for more Massachusetts buyers, and is driving the Agency’s home mortgage lending to its highest level in years.
Thus far in Fiscal Year 2019 (July 1, 2018 to June 30, 2019), MassHousing has closed 3,042 first mortgage loans. Of those, 1,347 homebuyers received DPA totaling $9.6 million.
"Saving for a down payment remains one of the biggest obstacles to homeownership, especially for younger buyers saddled with student loan debt and high rents," said Lisa Fiandaca, MassHousing’s Director of HomeOwnership Production. "Our Down Payment Assistance program is putting homeownership within reach for more Massachusetts residents. It’s helped increase our lending overall, and it’s been particularly impactful among minority and low-income borrowers, and in Gateway Cities."
DPA from MassHousing, the only such program available statewide in Massachusetts, provides a 15-year fixed rate loan for 3% of a home’s purchase price or $12,000, whichever is less.
To be eligible for MassHousing DPA, borrowers may earn no more than 100% of the area median income and may purchase a single-family home or condominium. Search income limits here.