Information from https://www.mhp.net/one-mortgage/massdreams
MassDREAMS is a new federally funded grant program who’s goal is to help first-time homebuyers living in disproportionately impacted communities with up to $50,000 in down payment and closing cost assistance towards buying their first home.
The program includes:
- down payment assistance up to 5% of the purchase price in addition to applicable closing costs
- Assistance which does not need to be repaid since it is structured as a grant
- Eligibility for up to $50,000 in assistance
- Can be paired with other forms of assistance
To be eligible, you must meet these requirements:
- Be a current resident of one of the following communities:
- Attleboro, Barnstable, Boston, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Framingham, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Randolph, Revere, Salem, Springfield, Taunton, Westfield, Worcester
- Be a first time home buyer
- Enroll in a homebuyer class
- Meet the down payment requirements of 3% down for a condo, single-family, or two family with at least 1.5% from your own savings, or 5% down for a three-family property with at least 3% from your own savings.
- Have a total household income of under their limits
- Learn more about their limits here: https://www.mhp.net/incomelimits
- Have less than $75,000 in household assets
- Meet the credit score limits of 640 for a single-family or condo and 660 for a multi-family home
- Agree to live in the property as your primary residence
To see if you qualify, reach out to a lender asap and talk to your real estate agent about what this could mean for your home buying potential.
“MassDREAMS – MHP.” Massachusetts Housing Partnership – MHP, https://www.mhp.net/one-mortgage/massdreams. Accessed 6 Oct. 2022.
