Down Payment Path

Down Payment Assistance Programs in Massachusetts

Massachusetts offers a range of programs to assist homebuyers with down payments and closing costs. These initiatives are designed to support a wide variety of buyers, including both first-time and repeat purchasers, making homeownership more accessible in the Bay State.

MassHousing Down Payment Assistance Program

The MassHousing Down Payment Assistance Program provides financial support for buyers to cover upfront homebuying costs.

  • Offers up to $50,000 in assistance, depending on income and location.
  • Available as a zero-interest deferred loan, with repayment required only upon sale, refinancing, or payoff of the first mortgage.
  • Pairs with MassHousing’s affordable mortgage options, including FHA, VA, and conventional loans.
  • Open to eligible buyers meeting income and purchase price limits.

Workforce Advantage Program

The Workforce Advantage Program offers enhanced benefits for middle-income homebuyers.

  • Provides up to $25,000 in down payment assistance for eligible buyers.
  • Designed for those earning between 80% and 120% of the area median income.
  • Can be used alongside MassHousing or other approved loan products.

USDA Rural Development Loans

For buyers in rural parts of Massachusetts, the USDA Rural Development Loan provides affordable financing with no down payment required.

  • Open to low- and moderate-income buyers in USDA-designated areas.
  • Flexible credit requirements and competitive interest rates.
  • Can be combined with state or local assistance programs to cover closing costs.

Mortgage Interest Rate and Credit Certificate (MCC)

The Mortgage Interest Rate and Credit Certificate (MCC) program offers valuable tax savings for homebuyers, helping to reduce the overall cost of owning a home.

  • Allows buyers to claim a federal tax credit for a portion of their mortgage interest paid annually.
  • Can be paired with other MassHousing loans and assistance programs.
  • Income and purchase price limits apply, but the program is broadly accessible.

Local City and County Assistance Programs

Many cities and towns in Massachusetts provide additional support for homebuyers through grants or low-interest loans for down payments and closing costs.

  • Programs in areas like Boston, Worcester, and Springfield often target buyers in revitalization neighborhoods or offer enhanced benefits for public service workers.
  • Eligibility and funding levels vary by location.
  • Local programs can often be combined with statewide initiatives for greater support.

Massachusetts’ down payment assistance programs are designed to make homeownership attainable by reducing upfront costs. Whether you’re buying your first home or moving to a new one, these programs offer valuable resources to help you achieve your goal of homeownership in the Bay State.