Financial Assistance for New Homebuyers in Massachusetts

Massachusetts has several state-backed programs available to support new homebuyers. These programs not only help safeguard your savings but also provide significant assistance throughout the homebuying process.

MassHousing offers a down payment program of up to $30k in the form of a second mortgage loan. With the help of MassHousing-approved lenders, you can determine the type and amount of down payment assistance you are eligible for. More info here: Masshousing

Various Massachusetts cities and towns provide down payment assistance for first-time homebuyers.  These programs aim to help you establish your home in the community that provides you with assistance.

The Federal Home Loan Bank of Boston is offering two down payment assistance programs: the Equity Builder Program and Housing Our Workforce. Under the Equity Builder Program, low and moderate-income homebuyers can receive assistance with down payments, closing costs, and rehabilitation. Eligible borrowers will receive grants upon closing on mortgages with participating lenders. The Housing Our Workforce program provides a two-to-one match of down payments made at the time of purchase by eligible homebuyers. More info here: Equity Builder Program and Housing Our Workforce 

If you’re a first-generation homebuyer, the MAHA-STASH First Gen Home program offers a $20k matching grant for down payment assistance when you’re ready to purchase. More info here: MAHA-STASH

All the programs mentioned each have their own terms and conditions and eligibility requirements. One common requirement is they all require participants to receive first-time homebuyer education. At the moment, Valley offers a self-paced course through Frameworks and a monthly first-time homebuyer education on Zoom. More info here: Register here