More first-time Massachusetts homebuyers now qualify for down payment assistance thanks to MassHousing’s move to expand its Down Payment Assistance program.
The agency previously offered financing of up to $25,000 for new homebuyers earning under 80% of the area median income, but new homebuyers earning over that amount could access down payment assistance only when buying a home in certain cities.
MassHousing has now removed geographic restrictions and will offer middle-income households up to $25,000 in homebuyer assistance when purchasing anywhere across the state.
Homebuyers earning up to 60% of area median income can currently access up to $30,000 in DPA with a zero percent interest rate and those earning up to 80% can access up to $25,000 with a 2% interest rate.
Now, homebuyers earning between 80% and 135% of area median income can also access up to $25,000 in statewide DPA financing at a 3% interest rate.
In Essex, Middlesex, Norfolk, Plymouth and Suffolk Counties, DPA is now available for those earning an income of up to $205,335. For Worcester County the limit sits at $165,645. Hampshire County and Hampden County have limits at $160,650 and $129,870 respectively.
“Down payment assistance is a vital tool for empowering first-time homebuyers and advancing MassHousing’s commitment to expanding access to homeownership,” MassHousing CEO Chrystal Kornegay said in a press release. “By growing our leading down payment assistance program to reach more middle-income homebuyers statewide, we will grow consumer buying power and help ensure that homeownership remains accessible to working families across Massachusetts.”
