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. More info here: Valley’s Easthampton CPA program

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