Coming in October, MassHousing will fund MassDREAMS grants to eligible first-time homebuyers who currently reside in a Disproportionately Impacted Community for the purchase of a primary residence anywhere in the Commonwealth of Massachusetts. The purpose of the MassDREAMS grant is to provide expanded down payment assistance, as well as other support, for people and places that have been disproportionately impacted by COVID-19. 

MassDREAMS grants will be a forgivable grant up to $50,000 to cover the cost of a 5% down payment and closing costs customarily paid by the borrower(s) associated with the mortgage transaction. Since this is a grant, it will not be included in the CLTV. MassHousing will make available the funds from the grant for the loan closing. 

About MassDREAMS
MassDREAMS is made possible by federal funding from the American Rescue Plan Act of 2021, which provides assistance to states to mitigate the economic effects of the pandemic.

MassDREAMS is a Massachusetts program that provides down payment and closing cost grants to first-time homebuyers who meet the program's eligibility criteria and who currently live in one of the 29 communities that were disproportionately impacted by the COVID-19 pandemic: Attleboro, Barnstable, Boston, 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.

Important Note: MassDREAMS grants are only available to eligible first-time home buyers who purchase a property using a first mortgage loan from MassHousing or the Massachusetts Housing Partnership (MHP).

How much assistance is available?

• Up to $50,000 for homebuyers earning up to 100% of the area median income (AMI)
• Up to $35,000 for homebuyers earning between 100.01% and 135% of area median income

Area Median Income varies by county. For example, the area median income in Berkshire County is $117,855 and in Essex County is $179,955. For eligibility thresholds, visit mymasshome.org.

For more information, including eligibility, application questions, and participating lenders, visit: https://www.masshousing.com/en/home-ownership/homebuyers/massdreams