Earlier this week,
MassHousing announced the launch of a new down payment assistance program which will help make homeownership more accessible to more prospective homebuyers and allow qualified first-time homebuyers to finance up to 100 percent of the purchase price of their first home, as opposed to the current financial assistance rate of 97 percent.
This program is available to low-, moderate- and middle-income buyers throughout the state and is MassHousing’s response to the record-low inventory levels, rising home prices, high rents and student loan debt that has become a statewide issue.
“MassHousing’s new down payment assistance program will help ensure that homeownership remains accessible to working families, by allowing creditworthy homebuyers to buy their first home with little to no down payment requirement,” said MassHousing Executive Director Chrystal Kornegay said. “By boosting the buying power of low-, moderate- and middle-income households, MassHousing will support investment in neighborhoods, help the state’s workforce remain rooted in Massachusetts, and advance the Agency’s mission of confronting housing challenges facing the Commonwealth, to improve the lives of its people.”
The program still maintains some of MassHousing’s standard requirements, including a minimum credit score, debt-to-income qualifications and prospective homebuyers must attend a homeownership education class. Additionally, there are annual household median income limitations of:
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$103,400 in eastern Massachusetts
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$85,700 in Worcester County
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$67,200 in Berkshire County