See programs you qualify for
Get Matched Free →By Tyler Thompson · Licensed Real Estate Agent · Updated April 5, 2026
Homebuyer Programs in Franklin, MA (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.
City 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 → |
- Type:
- Forgivable Loan
- Amount:
- Below-market purchase price on deed-restricted affordable homes; prices set based on HUD income guidelines
- 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 → |
- 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
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 → |
- 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:
- 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
Nonprofit Programs
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| Old Colony Habitat for Humanity Homeownership Program | Zero-Interest Loan | Affordable home purchase with affordable mortgage terms | No | View → |
- Type:
- Zero-Interest Loan
- Amount:
- Affordable home purchase with affordable mortgage terms
- First-time only:
- No
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.
Frequently Asked Questions
What down payment assistance programs are available in Franklin, MA?+−
What is the Town of Franklin Affordable Homeownership Program?+−
How much does it cost to close on a home in Franklin, MA?+−
Do I need to be a first-time homebuyer to qualify for assistance in Franklin?+−
What income limits apply to Franklin assistance programs?+−
Can I combine multiple assistance programs in Franklin?+−
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