Down Payment Assistance
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Promoting the American Dream
In the United States, owning a home is often seen as a fundamental aspect of the American Dream. However, for many people, particularly those with lower incomes, the prospect of owning a home can seem out of reach due to the high costs associated with purchasing and maintaining a home. This is where down payment assistance programs can make a real difference in helping people achieve their dream of homeownership. In this blog post, we will explore the Mass Housing $50,000 Down Payment Assistance program, including what it is, who is eligible, and how it works.
Introducing the Mass Housing Program
The Mass Housing $50,000 Down Payment Assistance program is a program designed to help eligible homebuyers with down payment and closing costs. Mass Housing is an independent, quasi-public agency that provides affordable housing and homeownership opportunities to Massachusetts residents. The program provides up to $50,000 in down payment assistance in the form of a zero-interest deferred payment loan. This means that the loan does not have to be repaid until the home is sold or refinanced.
Eligibility requirements
To be eligible for the Mass Housing $50,000 Down Payment Assistance program, homebuyers must meet certain criteria. First, they must be first-time homebuyers or they must not have owned a home in the past three years. Second, they must be purchasing a one- to four-family property in Massachusetts. Third, they must meet certain income and credit score requirements. The income limits vary depending on the location of the property, but generally range from $103,400 to $142,050 for a family of four. Finally, they must complete a homebuyer education course before they close on the loan.
First Steps
There are many homes available throughout Massachusetts that will qualify for the program. You will need to complete a few steps to be able to make an offer on a home. We are here to guide you through every step of your journey of owning your own home.
