Yes, you read right. In Massachusetts, a new homeownership program that offers a grant to buy a house started on 9/12.
We are here to tell you what we know about the program and how it can help you and your family achieve the dream of becoming a homeowner faster!
But what is it all about?
The program’s name is “The MassDREAMS grant program.” It offers qualifying buyers down payment and closing cost assistance up to $50,000.
We know how challenging it can be to save for a down payment. However, with this program, you can skip a big step and focus only on finding your perfect home.
What the homebuyer program includes:
- Grant forgiveness of up to $50,000 with no monthly payments and no fixed time of property occupancy.
- Used for closing costs and up to 5% of the down payment.
- Ability to use it in conjunction with any down payment assistance program offered by MassHousing.
Who qualifies for it?
- Borrowers who currently reside in a disproportionately impacted community (Boston, Attleboro, Barnstable, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Revere, Salem, Springfield, Taunton, Westfield, Worcester, Framingham, and Randolph.)
- Borrowers with an annual income that doesn’t exceed 135% AMI (area median income).
- If the borrower’s income is at 100% AMI, they qualify for a grant of up to $50,000.
- If the borrower’s income is between 100% and 135% AMI, they qualify for a grant of up to $35,000.
- First-time home buyers purchasing their primary residency (borrower didn’t own a property in the last three years).
- Borrowers who are purchasing a 1-4 family property or a condo. For purchases of 2-4 units, you’ll need to have a 3% saved for the down payment.
- Minimum FICO credit score required.
The maximum amount for the grant is determined by calculating 5% of the purchase price plus closing closets, prepaids, and escrows.
While the borrower must reside in any of the above-mentioned disproportionately impacted communities, they can purchase the house anywhere in Massachusetts, not necessarily in those areas.
If you’d like to know the credit score required for your specific situation to access the program, contact us by clicking here or by calling us anytime at (617)729-2967.