MassHousing has expanded its down payment assistance mortgage program.
The expanded program now offers up to $25,000 in down payment assistance to income-eligible first-time homebuyers when purchasing a home in any city or town in Massachusetts. Previously, MassHousing down payment assistance financing was available statewide to new homebuyers earning under 80 percent of the area median income, while new middle-income homebuyers earning more than 80 percent of the area median income could access down payment assistance only when buying a new home in a Gateway City, Boston or Randolph.
“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 said in a statement. “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.”
Through the expansion of the down payment assistance program, Essex, Middlesex, Norfolk, Plymouth and Suffolk counties now have access to assistance. First-time homebuyers can earn up to $205,335 to qualify for assistance. Income limits are $165,645 in Worcester County, $160,650 in Hampshire County and $129,870 in Hampden County.
