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:
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:
- Somerville Housing Authority
- Westford Housing Authority
- Attleboro Housing Authority
- Boston Housing Authority
- Brockton Housing Authority
- Cambridge Housing Authority
- City Financial Assistance for Homebuyers CDD City of Cambridge
- Chelsea Housing Authority
- Housing Programs City Of Lawrence
- Fall River Housing Authority
- Lynn Housing Authority & Neighborhood Development
- Lowell Housing Authority
- Malden Housing Authority
- Massachusetts Housing Authority
- Infill Housing Homeownership Program
- New Bedford Neighborhoods First Time Home Buyer Program
- New Bedford Housing Authority
- Plymouth Buyers Assistance Program
- Taunton First Time Home Buyer Program
- Salem First Time Home Buyer Program
- Springfield Housing Authority
- A Home for the Brave Program
- List of Down Payment Programs in the Boston Area
- Lowell Coalition For A Better Acre HOME Homeowner Acquisition Loan Program
- Massachusetts Down Payment Assistance Programs
- MassHousing
- MassHousing Mortgage
- MassHousing Mortgage with No MI
- Multi-Communities Quincy Community Action Programs Inc. DownPayment Assistance Program
- Purchase and Rehabilitation Loan Program