Massachusetts Down Payment Assistance (DPA Option 2)
MassHousing offers Down Payment Assistance (DPA Option 2) to first-time buyers in Massachusetts: up to $25,000, as a repayable loan.
- Amount
- As much as $25,000
- Type of help
- A loan you pay back
- Only open to first-time buyers
- Yes
- A course for homebuyers
- Required
How do you repay Massachusetts Down Payment Assistance (DPA Option 2)?
Repayable loan: a 2% loan with monthly payments spread over 15 years. When you sell or refinance, everything still owed has to be paid right away.
A repayable loan means a small second mortgage. You pay it off each month, usually added to your main home loan payment.
Who can get Massachusetts Down Payment Assistance (DPA Option 2)?
- The most your income can be is 80% of the area median income (AMI).
- You must be a first-time buyer, which usually means you haven't owned a home in the past three years.
- You'll need to finish a homebuyer education course before buying.
- You also get an affordable MassHousing Mortgage loan, either Conventional or FHA.
Your county and household size set most of the limits. Use our HUD income limits tool to see your area's median income and how your household compares.
Applying for Massachusetts Down Payment Assistance (DPA Option 2)
- Since MassHousing pays this help through its approved lenders, one of them handles your application and your home loan together.
- Your lender reviews the home, your credit and your income against the program's rules and then reserves the money for you.
- At closing, the money is applied to your down payment and your closing costs.
Check the full rules and see if applications are open on MassHousing's page for Down Payment Assistance (DPA Option 2). Or choose one of the agency's participating lenders.
Get answers on Massachusetts Down Payment Assistance (DPA Option 2) from a lender
Tell us where you're buying and a lender that works with Massachusetts's programs can tell you whether Massachusetts Down Payment Assistance (DPA Option 2) fits you, and what you could combine with it.
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More first-time buyer programs in Massachusetts
- Massachusetts Down Payment Assistance (DPA Option 1):
A deferred loan of up to $30,000.
- Massachusetts Down Payment Assistance (Option 3 DPA):
A repayable loan of up to $25,000.
- Massachusetts $2,500 Closing Credit for Veterans and Service Members:
A grant of up to $2,500.
Every Massachusetts first-time buyer program · Down payment help in every state