DOWN PAYMENT RESOURCES
MassHousing Workforce Advantage (WFA) 3.0 and FHA 3.0 - 30 year
10% up to $50,000 of the sales price, whichever is less, in the Boston, Attleboro, Barnstable, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Framingham, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Randolph, Revere, Salem, Springfield, Taunton, Westfield, and Worcester OR
10% up to $30,000, whichever is less, for the remaining communities of the Commonwealth.
Maximum Amount
Up to $45,000 (10% of Purchase Price)Benefits, Mortgage Insurance is paid by MassHousing!
10% or $50,000 of the sales price, whichever is less, in Boston, Attleboro, Barnstable, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Framingham, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Randolph, Revere, Salem, Springfield, Taunton, Westfield, and Worcester as a 0% Deferred Second loan.
10% up to $30,000, whichever is less, for the remaining communities of the Commonwealth as a 0% Deferred Second loan.
Can be used toward down payment and/or closing costs.
No loan level price adjustments.
$2,500 closing cost credit available to First Time Homebuyers who are Active-duty military, Veterans who served honorably, Reservists and National Guard, or Gold-Star Family members.
MassHousing Down Payment Assistance (DPA) - 15 year
Income and purchase price limits will follow the MassHousing 1st Mortgage program selected.
Maximum Amount
Up to $15,000 (5% of Purchase Price)
Benefits
Up to 5% of the purchase price for down payment assistance or $15,000, whichever is less.
Income qualification based on 1st mortgage program selected.
Additional $2,500 toward closing costs when combined with OWH program.
CBC Mortgage Chenoa Fund - FHA Forgivable DPA
Maximum Amount
Up to $22,500 (5% of Purchase Price)
Benefits
Assistance up to 5% of the sales price or appraised value, whichever is lower.
3.5% DPA Edge soft second has no payment, zero-interest, forgivable after 36 consecutive on-time payments on the FHA first mortgage.
5% DPA Edge soft second has no payment, zero-interest, forgivable after 120 payments on the FHA first mortgage (as long as never 60+ days late).
Manual underwriting is permitted.
High Priced Mortgage Loan (HPML) transactions are allowed as long as CFPB & TRID requirements are met.
CBC Mortgage Chenoa Fund - FHA Repayable DPA
Maximum Amount
Up to $22,500 (5% of Purchase Price)
Benefits
Assistance up to 5% of the sales price or appraised value, whichever is lower.
No income limits.
High Priced Mortgage Loan (HPML) transactions are allowed as long as CFPB & TRID requirements are met.
Manual Underwriting is permitted.
CBC Mortgage Chenoa Fund - Conventional 97 HomeReady Program
Down payment and closing cost assistance funds are temporarily suspended. This is currently a first product offering only.
Maximum Amount
Up to $15,750 (3.5% of Purchase Price)
Benefits
Do not have to be a first-time homebuyer.
No income limits in low-income census tracts, 100% of AMI for all other properties.
High Priced Mortgage Loan (HPML) transactions are allowed as long as CFPB & TRID requirements are met.
Federal Home Loan Bank (FHLB) of Boston - Equity Builder Program (EBP)
Member Banks must extend the first 1/3 of the program funds to First-time homebuyers.
Maximum Amount
$22,000
Benefits
Up to $22,000 in Assistance!
0% Interest, 5 year forgivable loan.
No sales price limit.
Federal Home Loan Bank (FHLB) of Boston - Housing Our Workforce (HOW) Program
Maximum Amount
$20,000
Benefits
The HOW grant program provides down-payment assistance to homebuyers earning more than 80 percent and up to 120 percent of the area median income.
Up to $20,000 in assistance as a two-to-one match of down payments made at time of signing their purchase or sales agreement by eligible homebuyers.
Forgivable with 5 year retention and note
Do not have to be a first-time homebuyer.
North Suburban Consortium (NSC) Down Payment Assistance (DPA) Loan Program
Program limited to homes in specific neighborhoods.
Maximum Amount
$7,500
Benefits
Up to $7,500 for down payment and closing costs.
0% interest rate
Deferred, 5-year forgivable loan.
Down Payment funds can also be used to: Fund monthly housing payment reserves requirements; Prepayment of life insurance premiums and to bridge the gap between purchase price and appraised value.
The Malden Redevelopment Authority currently offers a program to reimburse residents of NSC communities who complete FTHB counseling workshops.
A housing quality standards inspection will be completed - at no cost to Applicant - to ensure the property meets state and federal housing codes.
Affordable First Mortgages
MassHousing First Time Home Buyers (FTHB) Conventional Maximum Amount
Benefits
No Loan Level Price Adjustments (LLPA).
Discounted Charter Level Mortgage Insurance (MI) coverage and rates.
Do not have to be a first-time homebuyer if purchasing in a designated targeted area.
MassHousing First Time Home Buyers (FTHB) Conventional - Targeted Areas
Program limited to homes in targeted areas.
Benefits
No Loan Level Price Adjustments (LLPA).
Discounted Charter Level Mortgage Insurance (MI) coverage and rates.
Do not have to be a first-time homebuyer.
MassHousing Mortgage Non-FTHB Conventional and FHA 30 YR
Benefits
Buyers Up to 135% of AMI are eligible.
FHA or Conventional financing.
Do not have to be a first-time homebuyer.
Affordable interest rates for the life of the loan.
Eligible loans include mortgage payment protection, which helps pay your mortgage for up to 6 months in case you lose your job.
Property rehab options available.
Charter (Reduced) Level Mortgage Insurance (MI) coverage rates when Conventional loan with less than or equal to 80% Area Median Income (AMI).
Massachusetts Housing Partnership (MHP) ONE Mortgage Program
Benefits
Low down payment requirement.
No limit on home appreciation.
30 point interest rate discount.
No Private Mortgage Insurance (PMI) so monthly payment remains affordable.
100% AMI limits.
Borrowers below
