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Get Matched Free →Homebuyer Programs in Fall River, MA (2026)
Fall River is a historic mill city in Bristol County along the Taunton River in southeastern Massachusetts. With a median home price around $415,000, Fall River is one of the most affordable communities in eastern Massachusetts, making it an attractive option for first-time buyers. The city offers strong local assistance through its First Time Homebuyer DPA Program, which provides up to $10,000 in down payment and closing cost help. The Neighborhoods First program adds another layer with up to $10,000 in DPA plus up to $40,000 for home rehabilitation. As one of 29 MassDREAMS designated communities, Fall River residents can access grants of up to $50,000 for buyers earning up to 100% AMI. MassHousing also provides up to $30,000 in additional down payment assistance, and the ONE Mortgage Program offers 30-year fixed-rate loans with just 3% down and no PMI. First-generation buyers may qualify for the MAHA STASH grant of up to $20,000. By combining programs, Fall River homebuyers can potentially access over $80,000 in total assistance.
Top Homebuyer Programs in Fall River
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| Fall River First Time Homebuyer DPA Program | Deferred Loan | Up to $10,000 | Yes | View → |
| Fall River Neighborhoods First Homebuyer Program | Deferred Loan | 5% of purchase price up to $10,000 for down payment and closing costs; up to $40,000 in rehabilitation assistance | Yes | View → |
| FHA Loans | Government-Insured Mortgage | Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026) | No | View → |
| FHLBA Community Partners Product | Forgivable Loan | Up to $20,000 in home purchase assistance for down payment and closing costs | No | View → |
| FHLBA First Time Homebuyer Product | Forgivable Loan | Up to $17,500 in home purchase assistance for down payment and closing costs | Yes | View → |
| FHLBA Workforce Housing Plus+ | Forgivable Loan | Up to $15,000 in home purchase assistance for down payment and closing costs | No | View → |
| Good Neighbor Next Door (HUD) | Government Property Sale Program | 50% discount off the list price of HUD-owned homes | Yes | View → |
| Home Possible Mortgage (Freddie Mac) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HomeReady Mortgage (Fannie Mae) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HUD $100 Down Program | FHA-Financed HUD REO Purchase | Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs. | No | View → |
| USDA Rural Development Loans | Government-Guaranteed Mortgage | 100% financing (no down payment required); loan amount up to appraised value | No | View → |
| VA Loans | Government-Guaranteed Mortgage | No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026) | No | View → |
| MAHA STASH First-Gen Home Program | Grant | Up to $10,000 grant in Boston; up to $20,000 in other Massachusetts cities | Yes | View → |
| MassDREAMS Down Payment Assistance Grant | Grant | Up to $50,000 for buyers earning up to 100% AMI; up to $35,000 for buyers earning 100-135% AMI | Yes | View → |
| MassHousing Down Payment Assistance | Deferred Loan | Up to $30,000 (below 60% AMI at 0% deferred); up to $25,000 (60-80% AMI at 2%); up to $25,000 (80-135% AMI at 3%) | Yes | View → |
| ONE Mortgage Program | Zero-Interest Loan | 30-year fixed-rate mortgage with 3% down payment and no PMI; qualified borrowers below 80% AMI receive an additional subsidy to lower monthly payments | Yes | View → |
- Type:
- Deferred Loan
- Amount:
- Up to $10,000
- First-time only:
- Yes
- Type:
- Deferred Loan
- Amount:
- 5% of purchase price up to $10,000 for down payment and closing costs; up to $40,000 in rehabilitation assistance
- First-time only:
- Yes
- Type:
- Government-Insured Mortgage
- Amount:
- Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026)
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $20,000 in home purchase assistance for down payment and closing costs
- First-time only:
- No
- Type:
- Forgivable Loan
- Amount:
- Up to $17,500 in home purchase assistance for down payment and closing costs
- First-time only:
- Yes
- Type:
- Forgivable Loan
- Amount:
- Up to $15,000 in home purchase assistance for down payment and closing costs
- First-time only:
- No
- Type:
- Government Property Sale Program
- Amount:
- 50% discount off the list price of HUD-owned homes
- First-time only:
- Yes
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- FHA-Financed HUD REO Purchase
- Amount:
- Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs.
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- 100% financing (no down payment required); loan amount up to appraised value
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026)
- First-time only:
- No
- Type:
- Grant
- Amount:
- Up to $10,000 grant in Boston; up to $20,000 in other Massachusetts cities
- First-time only:
- Yes
- Type:
- Grant
- Amount:
- Up to $50,000 for buyers earning up to 100% AMI; up to $35,000 for buyers earning 100-135% AMI
- First-time only:
- Yes
- Type:
- Deferred Loan
- Amount:
- Up to $30,000 (below 60% AMI at 0% deferred); up to $25,000 (60-80% AMI at 2%); up to $25,000 (80-135% AMI at 3%)
- First-time only:
- Yes
- Type:
- Zero-Interest Loan
- Amount:
- 30-year fixed-rate mortgage with 3% down payment and no PMI; qualified borrowers below 80% AMI receive an additional subsidy to lower monthly payments
- First-time only:
- Yes
How to Apply
- Step 1:
Check your eligibility. The Fall River First Time Homebuyer DPA Program requires income at or below 80% AMI and a minimum credit score of 650. The MassDREAMS grant is available to current Fall River residents earning up to 135% AMI with a minimum credit score of 640.
- Step 2:
Complete homebuyer education. Enroll in a CHAPA-approved homebuyer education course. The Fall River/New Bedford Housing Partnership offers HUD and CHAPA-approved 8-hour courses. Catholic Social Services at 1600 Bay Street also offers seminars in Portuguese and Spanish. Call 508-674-4681 for details.
- Step 3:
Apply for the Fall River First Time Homebuyer DPA Program. Contact the Fall River Community Development Agency at 508-679-0131. This program provides up to $10,000 for down payment and closing costs. You must obtain a pre-approval letter from a primary lender. Eligible properties include single-family, multi-family up to 4 units, condos, and modular homes.
- Step 4:
Apply for the Neighborhoods First program. Contact the Community Development Agency at 508-679-0131. This HOME-funded program provides 5% of the purchase price (up to $10,000) for DPA, plus up to $40,000 for home rehabilitation. You must contribute at least $1,000 from your own funds.
- Step 5:
Apply for the MassDREAMS grant. This program provides up to $50,000 for buyers earning up to 100% AMI. Must use a MassHousing mortgage loan. Requires 3% down payment with at least 1.5% from your own savings. Visit massdreamsgrant.com for details.
- Step 6:
Explore additional state programs. Connect with a MassHousing-approved lender to apply for MassHousing DPA (up to $30,000 for buyers below 60% AMI) or the ONE Mortgage Program.
- Step 7:
Check the MAHA STASH program. First-generation homebuyers can receive grants up to $20,000. Visit mahahome.org/stash for eligibility details.
- Step 8:
Get pre-approved and find a home. Work with your lender to confirm which programs you qualify for, then submit applications once you have a signed purchase and sales agreement.