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Massachusetts down payment assistance programs

Buying a home for the first time can be a very daunting process. In fact more people keep thinking about buying but shy away at the last moment. In most cases money is the only obstacle which stands in way of realising your cherished dream of owning a house. This dream can now become a reality with the Massachusetts down payment assistance programs.

Massachusetts is a state which is well known for its assistance programs with regards to down payment and closing costs involved when buying a house. With funding being sourced primarily from the federal government, the goal of these programs is to help lower income households buy their own homes. These loans are generally given by the housing departments or certain specified non-profit agencies involved in housing.

Most of these Massachusetts down payment assistance programs are governed by certain rules which must be met for getting any assistance from these programs. Some of these criteria are:

You must be buying your home for the first time.

The home that you buy must be your principal place of residence.

The cost price of the home you want to buy should be within the limits specified in these programs.

The family income should be within the limits set by these programs.

There might also be asset limits attached to these programs which also have to be met to qualify for these programs. In fact these programs have been made to primarily help those families who are in a position to pay their monthly mortgage but are unable to pay for the other initial costs involved in buying a house.

Income limits for these programs is generally calculated based on the median income of the family as set by the departments involved in the development of homes. It is usually set at 80% of the median income of a family in an area.

Below is a list of Massachusetts Down Payment Assistance Programs: