Mass Housing loans just got even more affordable. For income eligible, qualified buyers Mass Housing now provides down payment assistance for up to 3% of the purchase price or $12,000, whichever is less.
The down payment assistance is a 15-year, fixed rate loan at 1% interest. A $10,000 down payment assistance loan would be 180 payments of $59.85 each. Any unpaid portion would be due upon sale or refinance of the property prior to the end of the 15-year term.
Home buyers accessing down payment assistance must still meet Mass Housing’s underwriting criteria, including minimum credit score and debt-to-income qualifications, and attend a homeownership education class. Eligible households can be earning $103,4000 or less in eastern Massachusetts, depending on household size.