Coastal Homebuyer Education is no longer offering first-time homebuyer workshops. We are being absorbed by Merrimack Valley Housing Partnership. In order to take a workshop, virtual or in-person, please contact them at https://www.mvhp.org/. All of our files are moving to MVHP. You can also contact Coastal at EOLeary@CoastalHB.org.

Tuesday, March 20, 2018

Down Payment Assistance from Mass Housing


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.

3 comments:

  1. I'm astonished an insider would publish a blog post like that. Down Payment Mortgage

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