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Get Matched Free →Franklin, MA First-Time Homebuyer Programs & Down Payment Assistance 2026
Franklin is a thriving town in Norfolk County, Massachusetts, located about 35 miles southwest of Boston. With a population of approximately 34,538, Franklin is known for its excellent school system, vibrant downtown, and strong sense of community. The median home price in Franklin is around $635,000, making it an attractive yet competitive market for first-time buyers. Fortunately, Franklin residents can access multiple down payment assistance programs at the federal, state, and local level. The Town of Franklin Affordable Homeownership Program offers below-market purchase prices on deed-restricted homes through the Municipal Affordable Housing Trust. Old Colony Habitat for Humanity also serves Franklin with affordable homeownership opportunities. State programs like MassHousing Down Payment Assistance (up to $30,000), ONE Mortgage, and MassDREAMS grants are available to eligible buyers throughout Massachusetts. These programs can significantly reduce the upfront costs of purchasing a home in Franklin.
Top Homebuyer Programs in Franklin
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| Town of Franklin Affordable Homeownership Program | Forgivable Loan | Below-market purchase price on deed-restricted affordable homes; prices set based on HUD income guidelines | 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 → |
| Old Colony Habitat for Humanity Homeownership Program | Zero-Interest Loan | Affordable home purchase with affordable mortgage terms | No | 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:
- Forgivable Loan
- Amount:
- Below-market purchase price on deed-restricted affordable homes; prices set based on HUD income guidelines
- 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:
- Zero-Interest Loan
- Amount:
- Affordable home purchase with affordable mortgage terms
- First-time only:
- No
- 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
Review the income limits and requirements for each program you are interested in. Most programs require you to be a first-time homebuyer or not have owned a home in the past three years. Income limits are typically based on the HUD Area Median Income for the Boston-Cambridge-Newton metropolitan area.
- Step 2:
Complete Homebuyer Education
Many programs require completion of a HUD-approved homebuyer education course. NeighborWorks Housing Solutions and other approved counseling agencies in Massachusetts offer these courses in person and online. Complete this step early in your home search process.
- Step 3:
Get Pre-Approved for a Mortgage
Work with a lender who is familiar with Massachusetts down payment assistance programs. MassHousing partners with over 80 lenders statewide. Contact MassHousing at 888-843-6432 or visit masshousing.com to find a participating lender near Franklin.
- Step 4:
Apply for Assistance Programs
For the Town of Franklin Affordable Homeownership Program, watch for available units on the Town of Franklin website and apply on a first-come, first-served basis. For Old Colony Habitat for Humanity, contact them at family@oldcolonyhabitat.org. For state programs like MassHousing DPA and ONE Mortgage, apply through a participating lender.
- Step 5:
Find a Home and Close
Once pre-approved and enrolled in assistance programs, work with a real estate agent to find an eligible property in Franklin. Your lender will coordinate the assistance funds with your mortgage closing.