Masshousing expands Down Payment Assistance program MABA MassachusettsRealEstate FirstTimeHomeBuyers MaBuyerAgent

 More first-time Massachusetts homebuyers now qualify for down payment assistance thanks to MassHousing’s move to expand its Down Payment Assistance program. The agency previously offered financing of up to $25,000 for new homebuyers earning under eighty percent of the area median income, but new homebuyers earning over that amount could access down payment assistance only when buying a home in certain cities. MassHousing has now removed geographic restrictions and will offer middle-income households up to $25,000 in homebuyer assistance when purchasing anywhere across the state.

 Homebuyers earning up to sixty percent of area median income can currently access up to $30,000 in DPA with a zero percent interest rate and those earning up to eighty percent can access up to $25,000 with a two percent interest rate. Now, homebuyers earning between eighty percent and one hundred and thirty five percent of area median income can also access up to $25,000 in statewide DPA financing at a three percent interest rate. In Essex, Middlesex, Norfolk, Plymouth and Suffolk Counties, DPA is now available for those earning an income of up to $205,335. For Worcester County the limit sits at $165,645.

 Hampshire County and Hampden County have limits at $160,650 and $129,870 respectively. “Down payment assistance is a vital tool for empowering first-time homebuyers and advancing MassHousing’s commitment to expanding access to homeownership,” MassHousing CEO Chrystal Kornegay said in a press release. “By growing our leading down payment assistance program to reach more middle-income homebuyers statewide, we will grow consumer buying power and help ensure that homeownership remains accessible to working families across Massachusetts.”

The post Masshousing expands Down Payment Assistance program appeared first on Boston Agent Magazine.

FIRST TIME HOMEBUYERS