MassHousing helped over 2,100 families purchase their homes in FY2023 with over $679 million in first mortgage funding. They are excited to announce new down payment assistance featuring two new programs for $30,000 and $25,000 just in time for the spring market. Saving for a down payment is frequently the biggest barrier for first-time homebuyers and these could be the solution to getting them into their first home. Below are some key takeaways about the new programs:

Loan-Amount Statewide: Fixed at $30,000

• DPA 0% deferred 30-year fixed rate.
• Available in all cities/towns of the Commonwealth.
• Second mortgage at 0% deferred and due upon sale, refinance, or payoff of the first mortgage (amortized over 30 years).
• DPA is available to income eligible first-time homebuyers, purchasing a single family, condo, or 2-4 family.
• More flexible uses for DPA funds such as closing costs and other allowable expenses.
• MassHousing DPA loans can often be coupled with other community down payment programs.
• MI Plus Insurance benefit paid by MassHousing.

DPA for Borrowers at $25,000

• DPA 2% and amortized over 15 years.
• First-time income eligible homebuyers only.
• Available in all cities/towns of the Commonwealth.
• More flexible uses for DPA funds such as closing cost and other allowable expenses.
• DPA loans can often be used with other community down payment programs.

To learn more about these and other MassHousing programs can help your first-time buyers, please contact Jeff Wright. MassHousing helped 629 first-time buyers in Middlesex and Essex counties in 2023!