MassHousing Expands Down Payment Assistance Program

MassHousing has announced that their Down Payment Assistance Program will be expanding to cover up to $15,000 or 5% of the purchase price. This is an increase from the former limit of $12,000 or 3 percent of the purchase price.

Also announced is an increase in the income eligibility to 135% Area Median Income (AMI) for Boston and Gateway Cities. That means for cities like Salem, Lynn, Peabody, and Haverhill that a household can earn up to $128,655 and still be eligible for the program.

Since launch in March of 2018, 1,877 households have so far used the program to purchase their first home. That represents 13.8 million dollars in financing. The money available through the program comes in the form of a 15-year fixed rate second mortgage.