MassHousing Down Payment Assistance Program
Down payment assistance is available to first-time homebuyers in Massachusetts who choose to get a MassHousing Loan. Applicants must meet certain income limits in order to qualify. These limits are higher in Boston and certain other gateway cities, which 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. As of 2020, income limits are $147,420 for Boston and the other gateway cities, and $113,300 for other parts of Massachusetts.
Up to $15,000 (or 5% of the house’s purchase price – whichever is the smaller amount) of down payment assistance is offered in the form of a 15-year loan with a fixed interest rate of 2%. If the property is sold or refinanced before the end of the 15-year loan, repayment of the loan becomes due.
Eligible properties include houses with up to 4 units as well as condominiums.
Other programs in Massachusetts:
