See programs you qualify for

By Tyler Thompson · Licensed Real Estate Agent · Updated April 4, 2026

Homebuyer Programs in Fall River, MA (2026)

Population: 95,074 | Median home price: $415,000 | Est. closing costs: $8,500 - $12,500

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.

City 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 →

Fall River First Time Homebuyer DPA Program

Type:: Deferred Loan
Amount:: Up to $10,000
First-time only:: Yes

Fall River Neighborhoods First Homebuyer Program

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

State Programs in Massachusetts

Program Name	Type	Amount	First-Time Only	Details
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 →

MassDREAMS Down Payment Assistance Grant

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

MassHousing Down Payment Assistance

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

ONE Mortgage Program

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

Federal Programs

Program Name	Type	Amount	First-Time Only	Details
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 →
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 →

FHA Loans

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

Good Neighbor Next Door (HUD)

Type:: Government Property Sale Program
Amount:: 50% discount off the list price of HUD-owned homes
First-time only:: Yes

Home Possible Mortgage (Freddie Mac)

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

HomeReady Mortgage (Fannie Mae)

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

HUD $100 Down Program

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

USDA Rural Development Loans

Type:: Government-Guaranteed Mortgage
Amount:: 100% financing (no down payment required); loan amount up to appraised value
First-time only:: No

VA Loans

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

Nonprofit Programs

Program Name	Type	Amount	First-Time Only	Details
MAHA STASH First-Gen Home Program	Grant	Up to $10,000 grant in Boston; up to $20,000 in other Massachusetts cities	Yes	View →

MAHA STASH First-Gen Home Program

Type:: Grant
Amount:: Up to $10,000 grant in Boston; up to $20,000 in other Massachusetts cities
First-time only:: Yes

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13 programs available in Fall River. See which ones you qualify for.

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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.

Frequently Asked Questions

How much down payment assistance can I get in Fall River?+

Fall River offers some of the most generous combined assistance in Massachusetts. The city's First Time Homebuyer DPA Program provides up to $10,000. The Neighborhoods First program adds up to $10,000 in DPA plus up to $40,000 for rehabilitation. The MassDREAMS grant offers up to $50,000 for qualifying residents. MassHousing provides up to $30,000 for buyers below 60% AMI. First-generation buyers may also qualify for the MAHA STASH grant of up to $20,000. Combined, you could access over $80,000 in total assistance.

Do I have to be a first-time homebuyer to qualify?+

Yes, all major local and state programs require first-time buyer status, generally defined as not having owned a home in the past three years. The MAHA STASH program additionally requires first-generation buyer status, meaning neither you nor your parents have owned a home in the U.S.

What is MassDREAMS and am I eligible?+

MassDREAMS is a grant program offering up to $50,000 for first-time homebuyers who currently reside in one of 29 designated Massachusetts communities. Fall River is an eligible community. To qualify, your household income must be at or below 135% AMI, you need a credit score of at least 640, less than $75,000 in total household assets, and you must use a MassHousing mortgage with a 3% down payment. The grant requires no repayment.

What homebuyer education is required?+

Most programs require completion of 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 in Fall River also offers seminars in Portuguese and Spanish at 508-674-4681. NID Housing Counseling Agency provides free homebuyer education as well.

What are the income limits for Fall River programs?+

Income limits vary by program. The Fall River First Time Homebuyer DPA Program requires income at or below 80% AMI. MassDREAMS provides up to $50,000 for buyers at or below 100% AMI, and up to $35,000 for those between 100-135% AMI. MassHousing DPA tiers: up to $30,000 for buyers below 60% AMI at 0% interest; up to $25,000 for 60-80% AMI at 2% interest; and up to $25,000 for 80-135% AMI at 3% interest.

Can I use the BayCoast Mortgage DPA program in Fall River?+

Yes. BayCoast Mortgage offers a separate Down Payment Assistance program with dollar-for-dollar matching funds of up to $10,000 for qualifying first-time buyers in eligible Bristol County communities including Fall River. Tier I is forgiven after 5 years; Tier II defers payments for 5 years then repays interest-free over 10 years. Contact BayCoast Mortgage at 877-466-2678 for details. This is a private bank program separate from the city DPA programs.

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