MassDREAMS Down Payment Assistance Grant
Funding status: Active
How much assistance
Up to $50,000 for buyers earning up to 100% AMI; up to $35,000 for buyers earning 100-135% AMI (Grant)
No repayment required as long as participant uses the home as primary residence and complies with program requirements.
Eligibility
- Income limits: Up to 135% of area median income (AMI). Up to $50,000 available for those at or below 100% AMI; up to $35,000 for those between 100-135% AMI.
- First-time buyer required: Yes — Must not have owned a home in the past 3 years.
- Credit score minimum: 640
- Geographic restrictions: Must currently reside in one of 29 designated communities: Attleboro, Boston, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Randolph, Revere, Salem, Somerville, Springfield, Taunton, Westfield, Worcester, and one additional community.
- Homebuyer education required: Yes
How to Apply for MassDREAMS Down Payment Assistance Grant
Step 1: Must use a MassHousing mortgage loan. Requires 3% down payment (at least 1.5% from own savings). Must have less than $75,000 in total household assets (excluding most retirement and college savings). Credit score minimum: 640 for single-family/condo, 660 for 2-3 family homes.
Notes
Grant covers up to 5% of purchase price with a maximum of $50,000. Available only in 29 designated communities disproportionately impacted by the pandemic. Not available statewide.