Hey there! If you're thinking of buying a home for the first time, and haven't saved up for a down payment, you still might be able to get it done.

Before I jump into the programs, let me briefly explain how down payment assistance works.

How it works

Down payment assistance comes in two forms: a grant, or a loan

A grant doesn't require repayment.

A loan does require repayment, but there are 3 different ways:

Monthly repayment. This is where they charge you interest and a monthly payment until the loan is paid off

Silent second. This is where they don't charge you interest, they don't charge you monthly payments, they just require that you pay it back when you sell the home.

Forgivable. This is where they forgive the loan as long as you meet certain criteria. A common requirement is that you live in the home as your primary residence for a set number of years. Once you've completed the timeframe, they forgive your loan and you don't need to pay it.

Approved lenders only

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Now that we have that out of the way, let's jump in! Below are the local programs available to help make homeownership more accessible.

Massachusetts

MassHousing Down Payment Assistance Program

• What It Offers: Provides up to $50,000 in down payment and closing cost assistance.
• Who Qualifies: First-time homebuyers purchasing in targeted areas with a credit score of at least 640.
• Income Limits: Varies by county and household size.
• Repayment: 0% interest loan, repayable upon sale or refinance.
• Website: https://www.masshousing.com/en/home-ownership/homebuyers/down-payment-assistance

Massachusetts Housing Partnership (MHP) ONE Mortgage Program

• What It Offers: Provides low-interest first mortgages with no private mortgage insurance (PMI) and down payment assistance.
• Who Qualifies: First-time homebuyers who complete a homebuyer education course.
• Income Limits: Based on area median income (AMI).
• Repayment: Some programs offer forgivable loans, while others require repayment over time.
• Website: https://www.mhp.net/one-mortgage

Boston Home Center Down Payment Assistance Program

• What It Offers: Provides up to $50,000 in down payment and closing cost assistance for homebuyers purchasing in Boston.
• Who Qualifies: First-time homebuyers purchasing a primary residence.
• Income Limits: Varies by household size and location.
• Repayment: Forgivable loan after 10 years if the buyer remains in the home.
• Website: https://www.boston.gov/departments/housing/first-time-homebuyer-program

Massachusetts Housing Partnership (MHP) ONE Mortgage Program

• Assistance: Offers affordable mortgage financing and may provide down payment assistance to eligible first-time homebuyers.
• Eligibility: Income-eligible first-time homebuyers.
• More Information: https://www.mhp.net/one-mortgage/homebuyer-resources/get-down-payment-help

City of Worcester

• Program: Provides up to $25,000 for down payment and closing costs to eligible first-time homebuyers.
• More Information: https://www.worcesterma.gov/housing-neighborhood-development/housing-neighborhood-grants

City of New Bedford

• Program: "Neighborhoods First" First Time Homebuyer Program offers down payment and closing cost assistance, rehabilitation assistance, and gap financing.
• More Information: https://www.newbedford-ma.gov/community-development/loans-grants/homeownership/

Town of Plymouth

• Program: Assists low- to moderate-income, first-time homebuyers in purchasing a modest single-family home in Plymouth.
• More Information: https://www.plymouth-ma.gov/257/Down-Payment-Assistance-Program

City of Lawrence

• Program: Provides down payment assistance to low- and moderate-income first-time homebuyers.
• More Information: https://www.cityoflawrence.com/351/Programs-for-Homeowners-First-Time-Home-#:~:text=The%20City%20of%20Lawrence%20FTHB,Be%20a%20First%20Time%20Homebuyer

City of Lowell

• Program: Offers assistance for down payment and closing costs to eligible first-time homebuyers.
• More Information: https://www.lowellma.gov/803/First-Time-Home-Buyers-Program

City of Quincy

• Program: Offers financial assistance to eligible first-time homebuyers for down payment and closing costs.
• More Information: https://www.quincyma.gov/departments/planning_and_community_development/community_development/programs.php#collapse34630b0

City of Somerville

• Program: Provides down payment assistance to income-eligible first-time homebuyers.
• More Information: https://www.somervillema.gov/departments/affordable-housing-trust-fund

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

City of Lynn

• Program: Offers down payment and closing cost assistance to first-time homebuyers purchasing in Lynn.
• More Information: https://lhand.org/program/home-ownership/

City of Haverhill

• Program: Provides financial assistance for down payment and closing costs to eligible first-time homebuyers.
• More Information: https://www.cityofhaverhill.com/departments/first_time_homebuyer_downpayment_assistance_program/index.php

City of Chelsea

• Program: Offers down payment assistance to first-time homebuyers meeting income requirements.
• **More Information:**https://www.chelseama.gov/departments/housing_and_community_development/housing/first_time_homebuyer_down_payment_assistance_program.php#:~:text=The%20City%20of%20Chelsea%20offers,for%20a%20non%2Dsubsidized%20property.

City of Everett

• Program: Provides down payment and closing cost assistance to eligible first-time homebuyers.
• More Information: https://www.ci.everett.ma.us/220/Community-Development

City of Malden

• Program: Provides financial assistance for down payment and closing costs to first-time homebuyers.
• More Information: Malden Redevelopment Authority
• https://www.cityofmalden.org/867/HOME-Program

City of Medford

• Program: Offers down payment assistance to income-eligible first-time homebuyers.
• More Information: Medford Office of Community Development
• https://www.medfordma.org/departments/planning-development-sustainability/move-in-program-information#:~:text=Medford%20is%20able%20to%20offer,North%20Suburban%20Consortium%20(NSC).&text=To%20qualify%20for%20DPA%2C%20homebuyers,a%20First%20Time%20Homebuyer%20Workshop.

Note: Program availability, eligibility criteria, and assistance amounts can change. It's recommended to contact the respective program administrators directly to obtain the most current information and application procedures

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.