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Local Massachusetts Down Payment Assistance
Local Down Payment Assistance Programs
Massachusetts Down Payment Assistance Local
Learn About Massachusetts Down Payment Assistance
The following mortgage down payment assistance programs were developed by local Massachusetts counties and municipalities. See more information about statewide Massachusetts down payment assistance programs.
Arlington
Arlington
Arlington offers the following Local Down Payment Assistance:
- First Time Homebuyers Down payment Assistance and Counseling Program
- Maximum loan of up to 20% of sales price
- 5-year deferred loan
- Homebuyer’s Counseling program is offered to people of any income
Fall River
Fall River
Local Down Payment Assistance program available in Fall River:
- Homebuyer HOME Program
- Maximum loan of $10,000 or 6% of sales price (whichever is greater)
- 5-10 year deferred loan with a 3% interest rate
- Loan becomes a grant if the borrower complies with the terms during the duration of the affordability period
- Buyer must contribute a minimum of 1.5% of the purchase price
- To qualify for down payment assistance in Massachusetts, buyers are required to complete a homebuyer counseling course.
Homebuyer Education
Framingham
Framingham
Framingham offers the following Local Down Payment Assistance:
- Homebuyer Assistance (HOME funds)
- Maximum loan of $60,000
- Total Household Income cannot exceed 120% of the Area Median Income
- Maximum no-interest loan of $5,000
- No recapture after 5 years
Down Payment and Closing Cost Assistance (CDBG funds)
Lawrence
Lawrence
Lawrence offers the following Local Down Payment Assistance:
- First Time Homebuyers Program
- Maximum loan of $10,000
- Total Household Income cannot exceed 80% of the Area Median Income
- Approved for use with FNMA, FHLMC, FHA, RD and VA first mortgages
Lowell
Lowell
Local Down Payment Assistance programs available in Lowell:
- First Time Homebuyers Program
- Maximum no-interest loan of $10,000
- Loan repayable upon payoff of first mortgage, sale of home or transfer of title
- Maximum loan of $10,000
- Loan is forgivable over 5 years if all programs terms are met
- To qualify for Massachusetts down payment assistance, buyers are required to complete a first time homebuyer seminar approved by the City of Lowell.
Two for Lowell- Down Payment and Closing Cost Assistance
Homebuyer Education
New Bedford
New Bedford
New Bedford offers the following Local Down Payment Assistance:
- “Neighborhoods First” First Time Homebuyer Program
- Maximum down payment and closing cost assistance is $6,000 with a $3,000 cap on closing costs
- Total Household Income cannot exceed 120% of the Area Median Income
- Buyer must contribute a minimum of $1,000 toward the required down payment
Newton
Newton
Local Down Payment Assistance programs available in Newton:
- First Time Homebuyer Program (FTHB)
- Maximum loan of $115,000 to buy down the cost of the property
- Total Household Income cannot exceed 80% of the Boston Area Median Income
- Cash down payment of at least 3% is required
- Deferred loan is forgiven if the terms of the program are met
- Applicants must be Newton residents, work in Newton, have children enrolled in a school in Newton, or graduated from a Newton high school
- Maximum of $5,000
- Loan is forgivable over 5 years, reducing 20% annually
- To qualify for FTHB or NX, buyers are required to complete a homebuyer education class prior to receiving assistance and within 6 months of closing (“Homeowner 101” and “Homeowner 201”, respectively).
Newton Connection Homebuyer Program (NX)
Down Payment and Closing Cost Loan
Homebuyer Education
Quincy
Quincy
Quincy offers the following Local Down Payment Assistance:
- First Time Homebuyer Program
- Maximum loan of 9% of sales price towards down payment and an additional 1% towards closing costs
- Buyer must contribute a minimum of 3% of the purchase price to use as down payment
- To qualify, buyers are required to complete a first time homebuyer seminar.
Homebuyer Education
Somerville
Somerville
Somerville offers the following Local Down Payment Assistance:
- Down Payment Assistance Program 80
- Interest-free deferred payment loan
- Total Household Income cannot exceed 80% of the Area Median Income
- Buyers purchasing subsidized or inclusionary housing are excluded
- Total Household Income cannot exceed 80% of the Area Median Income
- Loan is forgivable over 5 years, reducing 20% annually
- Total Household Income cannot exceed 110% of the Area Median Income
- Loan is forgivable over 5 years, reducing 20% annually
- To qualify, buyers are required to complete a MHC First Time Homebuyer Training class.
Closing Cost Assistance Program 80
Closing Cost/Down Payment Assistance Program 110
Homebuyer Education
Springfield
Springfield
Local Down Payment Assistance program available in Springfield:
- American Dream Down Payment Initiative (ADDI)
- Maximum loan of $10,000 or 5% of the sales price (whichever is less)
- Total Household Income cannot exceed 80% of the Area Median Income
- Buyer must contribute a minimum of $750 towards the purchase
- Total cost must not exceed 95% of the Area Median purchase price for single-family homes
- Maximum loan of $2,5000
- Total Household Income must be between 80% and 115% of the Area Median Income
- Buyer must contribute a minimum of 1% of the purchase price
- Total cost must not exceed 95% of the Area Median purchase price for single-family homes
- To qualify for Massachusetts down payment assistance, buyers are required to complete a HUD or CHAPA-approved homebuyer education class.
Down Payment Assistance Program (DAP)
Homebuyer Education
Taunton
Taunton
Local Down Payment Assistance programs available in Taunton:
- Home Buyer First Time Program
- Maximum loan of $10,000 for closing costs and up to 50% of the 5% required down payment
- Eligible Areas:
- Attleboro
- Berkley
- Dighton
- Easton
- Lakeville
- Mansfield
- Middleboro
- North Attleboro
- Norton
- Plainville
- Raynham
- Seekonk
- Taunton
- Attleboro
- To qualify, buyers are required to complete a pre-purchase and post-purchase Pro-Home, Inc. or HUD-approved First Time Homebuyer Training.
Homebuyer Education
Waltham
Waltham
Waltham offers the following Local Down Payment Assistance:
- HOME Program Down Payment Assistance
- Maximum interest-free loan of 17% of the sales price (not to exceed $62,000)
- Deferred loan repayable upon sale or transfer of property
- Buyer must contribute a minimum of 3% of the purchase price toward down payment
- Total cost must not exceed 95% of the Area Median purchase price for single-family homes
- To qualify for down payment assistance in Massachusetts, buyers are required to complete an approved homebuyer’s class.
Homebuyer Education
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Copyright © 2011 Meridian Home Mortgage Corp. NMLS #56301. All rights reserved.
Copyright © 2011 Meridian Home Mortgage Corp. NMLS #56301. All rights reserved.
Meridian Home Mortgage Corporation NMLS #56301. Licensed by the Virginia State Corporation Commission #MC-3680; Commonwealth of Pennsylvania Department of Banking #21605; State of Maryland #8196; Connecticut Banking Commission #11930; Delaware Bank Commissioner #7885, District of Columbia MLB56301; Florida Office of Regulation MLD172; Massachusetts Division of Banks Broker #MB56301; Kentucky MB 72686; Washington CL-56301; Oregon ML-4979; Georgia Department of Banking and Finance #33346.
Loans are arranged through third parties. We arrange but do not make loans.
Meridian Home Mortgage Corporation is located at 1363 N. Main St Hampstead, Maryland 21074
Meridian Home Mortgage Corporation is located at 1363 N. Main St Hampstead, Maryland 21074