Massachusetts Home Ownership Incentive Programs
$30,000
About the Programs
Saving for a down payment is one of the biggest challenges homebuyers face. That's why MassHousing provides eligible homebuyers with Down Payment Assistance of up to $30,000 when purchasing a home in every city and town in Massachusetts.
Who is eligible for Down Payment Assistance from MassHousing?
To be eligible for Down Payment Assistance from MassHousing, you must
- Be an income-eligible first-time homebuyer
- Purchase a single-family home, condominium, or 2-, 3- or 4-family property that will be your primary residence
- Pair Down Payment Assistance with an affordable MassHousing Mortgage loan to purchase your home
Additional eligibility requirements apply. See if a MassHousing Mortgage with Down Payment Assistance may be right for you.
Not sure if MassHousing is right for you?
MassHousing mortgage loans and down payment assistance aren't for everyone, but they’re available to more people than you might think.
Down Payment Assistance Details
MassHousing provides down payment assistance in the form of a second mortgage loan. MassHousing-approved lenders determine which type and the amount of down payment assistance a borrower is eligible for.
Option 1 DPA is an interest-free deferred payment second mortgage loan, which means that no payments are due until the property is sold, refinanced, or the first mortgage loan is paid off, at which time, the entire balance is due.
Option 2 DPA is a 15-year amortizing second mortgage loan at a fixed 2% rate of interest (APR 2%), which means that the borrower makes monthly payments of principal and interest for 15 years on this second loan, in addition to the monthly payments on their first mortgage loan.
Option 3 DPA is a 15-year amortizing second mortgage loan at a fixed 3% rate of interest (APR 3%), which means that the borrower makes monthly payments of principal and interest for 15 years on this second loan, in addition to the monthly payments on their first mortgage loan.
Find a MassHousing lender
MassHousing has partnered with more than 80 lenders to make our affordable loans available to Massachusetts homebuyers. Contact a MassHousing lender to learn more, get pre-approved or apply today!
Home Improvement Loan Program
Low-interest-rate loans to make non-luxury improvements to your home
The Home Improvement Loan Program (HILP) provides affordable, fixed-rate loans to help homeowners improve and maintain their homes. Eligible improvements include, but are not limited to, enhancing basic living conditions; safety or energy efficiency; adding, altering renovating, or repairing a home; making a dwelling fully accessible for persons with physical disabilities; bringing a home up to standard state or local building codes.
Home Improvement Loan Program Features
- Loans have fixed interest rates and no hidden fees
- Loan amounts between $7,500 and $50,000
- Flexible underwriting guidelines
- Loans serviced by MassHousing
- Closing costs can be rolled into the loan
Eligibility
To be eligible for HILP, borrowers must
- Meet income eligibility requirements
- Be the owner-occupant of a 1- to -4-family home, including condominiums
- Have lived in the home as their primary residence for at least one year
- Have good credit and stable income
Learn More and Apply
HILP loans are originated by participating lenders across Massachusetts. To learn more about the program or to apply, contact a participating lender.
Explore Communities Across Massachusetts
You've learned about the program. Now explore communities across Massachusetts to find the place that best fits your lifestyle, priorities, and goals.
Explore:
- LookyLOO Reviews of Massachusetts Cities
- Neighborhood Guides
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- Save Massachusetts Cities to Your Movebook