Get down payment assistance of up to 5 of the purchase price or 15 000. A type of low down payment government loan insured by the federal housing administration a program office of the u s.
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To help with the substantial upfront cost of buying a home masshousing provides first timers with down payment assistance of up to 5 of the purchase price or 15 000 whichever is less.
First time home buyer massachusetts down payment. Many of our programs are for first time homebuyers but we have several programs if you ve previously owned a home. First time home buyer fthb the commonwealth of massachusetts offers a variety of programs to help potential homeowners navigate the home buying process. Department of housing and urban development.
Masshousing down payment assistance masshousing has expanded its down payment assistance program to help first time homebuyers in massachusetts. Masshousing loans help low and moderate income households buy a home in massachusetts. Qualified first time home buyers in ma who agree to live in the property for at least 36 months are eligible for a 50 discount off the list price of homes available in the hud.
The agency s down payment assistance program in massachusetts is available to first time buyers in boston and other gateway cities who earn up to 135 of the area median income and buyers in other areas who earn up to 100 of the area median income. Down payment assistance programs. Masshousing now provides down payment assistance for up to 5 of the purchase price or 15 000 whichever is less.
Partner agencies in massachusetts provide education mortgage programs and more assistance for families and individuals to find the right home. A conventional mortgage is a home loan that isn t guaranteed or insured by the federal government. It offers assistance funds to help cover the upfront costs of buying a home.
Income eligible first time homebuyers will be considered for a 0 interest deferred payment loan equal to 3 5 of the purchase price up to 12 000 through the bra secured by a mortgage and promissory note. Massachusetts borrowers must meet income credit and loan limit guidelines. In addition nhs may provide additional funds up to 25 of the amount provided by the city up to 3 000.
That assistance comes in the form of a 15 year loan with a fixed interest rate of 2. Down payment assistance masshousing has expanded its down payment assistance program to empower first time homebuyers in massachusetts. Conventional mortgages that conform to the requirements set forth by fannie mae and freddie mac.
Borrowers must meet income limits which vary by location and loan program. Massachusetts borrowers must make massachusetts down payments of 3 percent for single family homes and condominiums and 5 percent on two to four family homes.
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