First-Time Home Buyer Programs in Massachusetts

MassHousing Programs:

MassHousing Mortgage + Statewide DPA (Effective June 2, 2025):

Eligibility: First-time buyers (no homeownership in 3 years) or those in targeted areas; income up to 135% AMI.
Offerings: 30-year FHA, VA, or conventional loan + down payment assistance:
 • Up to $30,000 deferred, 0% interest
 • Up to $25,000 amortizing at 2% (≤ 80% AMI) or 3% (80–135% AMI)
Requirements:

• Income limits vary by county—see MassHousing’s DPA expansion.
• Credit score ≥ 640; DTI ≤ 45% (50% with compensating factors).
• Homebuyer education required prior to closing.
• Purchase price limit: $619,000 for single-family homes statewide.

Option Highlights:

• 0% Deferred DPA (30-year): $30,000 max – no payments until refinancing, sale, or payoff.
• 2% Amortizing DPA (15-year): $25,000 max at 2% interest.
• 3% Amortizing DPA (15-year): $25,000 max at 3% interest.

Workforce Advantage (WFA 4.0):

Offers 97% LTV conventional loans without LLPA, paired with deferred DPA; veterans receive a $2,500 closing cost credit. Product matrix.

Accessory/Repair Programs:

Programs like Get the Lead Out, Septic Repair, and Home Improvement revised income limits as of May 5, 2025. Income limit memo.

Local Programs:

Boston

Boston Home Center FIRST: Up to $40,000 deferred loan; income ≤ 80% AMI (~$82,600 for a family of four).

Worcester

Worcester Housing Authority DPA: Up to $15,000 forgivable after 10 years; income ≤ 80% AMI; homebuyer education required.

Springfield

Springfield Homebuyer Assistance: Up to $10,000 deferred loan; income ≤ 80% AMI.

Additional Information:

• M ONE Mortgage: Low/no-down conventional loans—see MassHousing lender site for details.
• FHA Loans: 3.5% down required (credit ≥ 580).
• USDA Loans: 0% down in rural areas.
• VA Loans: 0% down for eligible veterans.