STATEWIDE PROGRAMS

MassHousing Downpayment Assistance Programs

Assistance Available:
You can receive up to 5% of your home purchase price or $15,000, whichever is less through the MassHousing Downpayment Assistance Program.

These are 15 year, fixed rate loans at 2% interest. If you sell or refinance the property prior to the end of the 15 year term, the loan becomes due and payable.

Qualifications:
If you are a first time homebuyer purchasing property in Boston or one of the Commonwealth’s 26 Gateway Cities, you can earn up to 135% of the area median income and still qualify for the program. If you are a first time homebuyer purchasing property in the remainder of the Commonwealth, you can earn 100% of the area median income and still qualify for the property.

Commonwealth 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.

CITY AND COUNTY PROGRAMS

Boston
Down Payment Assistance Program

Assistance Available:
The City of Boston Home Centers offers downpayment and closing cost assistance to qualified borrowers in the form of up to 3% of the purchase price. They also offer up to 5% of the purchase price on 3 unit properties. These loans are zero interest and deferred until you sell, pay the first mortgage in full, or stop occupying the property as your primary residence.

Qualifications:
You must be a first time homebuyer. You must contribute 50% of the downpayment in personal funds. You must qualify for a loan from a City of Boston participating lender. HUD income limits apply. Your liquid assets may not exceed $75,000 (excluding retirement and 401K). 1, 2, and 3 unit properties and condominiums are eligible. The property you purchase must be located in Boston. You must occupy the property as your primary residence.

City of Cambridge
Down Payment Assistance Program

Assistance Available:
The City of Cambridge offers qualified applicants a path to homeownership through its Down Payment Assistance Program. You can receive up to 6% of the purchase price in the form of a grant. The assistance is 20% forgiven every year during a 5 year period as long as you occupy the home as your primary residence.

Qualifications:
You must be a first time homebuyer. You must have already exhausted all your other resources before you apply for the program. You must meet the income requirements. You must be unable to purchase a home without the program’s assistance. You must occupy the property as your primary residence. You must complete a first time homebuyer workshop.

The property purchased may be 1 - 3 units. It must be located within the city limits of Cambridge.

City of Salem
First Time Homebuyer Down Payment Assistance Loan Program

Assistance Available:
Downpayment assistance is available to low to moderate income homebuyers through the City of Salem’s First Time Homebuyer Down Payment Assistance Loan Program. It offers matching funds up to $6,500 in the form of a zero interest, deferred loan. If you complete a CHAP-A certified homebuyer counseling course prior to closing, you can earn an additional $1,000 in assistance for a total of up to $7,500. The loan becomes payable upon the sale or transfer of the property or when you stop occupying the property as your primary residence.

Qualifications:
You must be a first time homebuyer (have not owned a home in the past 3 years). You must meet the HUD established income guidelines. Your cash assets may not exceed $50,000 after purchasing the property. Retirement accounts and 401Ks are not included in cash assets.

The property purchased must be located in the City of Salem. 1 - 4 unit properties are eligible. Purchase price limits apply.

City of Weymouth
First Time Homebuyer Program

Assistance Available:
The First Time Homebuyer Program offers borrowers anywhere from 1.5% to 9.0%, up to $20,000 to help defray the cost of downpayment and closing. These are zero interest, deferred loans for income eligible homebuyers. The minimum assistance is $1000.

Qualifications:
You must be a first time homebuyer (have not owned a home in the past 3 years), unless you are a displaced homemaker or a single parent who owned or lived in a home owned by a partner. If you are purchasing property in Weymouth, you must contribute 1.5% of the purchase price toward the downpayment. If you are purchasing property in Braintree, Holbrook, or Quincy, you must contribute 3% toward the downpayment.

Your household income may not exceed 80% of the area median income. You must occupy the property as your primary residence. Your household liquid assets may not exceed $75,000. Retirement accounts and 401ks are not included in the asset calculation. You must complete a pre-purchase homebuyer education workshop.