MassDreams(First Time Home Buyer Assistance)
What is the MassDreams Program?
MassDREAMS is a $20 million grant program that provides first-time homebuyers in participating cities and towns with up to $50,000 for down payment and closing costs. The goal of the program is to help first-time homebuyers who have been most impacted by COVID-19 in communities where the economic repercussions of COVID-19 have been disproportionately felt.
The grant funds can be combined with other available financing programs, including the ONE Mortgage Program.
MassDREAMS is administered by the Massachusetts Department of Housing and Community Development (DHCD) in partnership with the Massachusetts Housing Partnership (MHP).
Who Qualifies For The MassDream Program?
To be eligible for this program, you must live in the property as your primary residence for a minimum of five years from the date of closing. After five years, some or all funds may need to be repaid if you do not meet this requirement. (Partial repayment may also apply if you sell your home before five years have passed.)
There are some other requirement as well, such as income limits, based on household size. These income limits vary by location. Also, eligible purchase prices are capped at $500,000.
We love that this program is helping to make homeownership more affordable for many first-time buyers across Massachusetts. If you live in Salem, Lynn, Peobody, Malden, Everett or Revere, this program might be perfect for you!
Want To Get Started?
To get started go to MassHousing.com to complete the application process.
Then, set up a time to talk to one our local agents who can help you navigate the home buying process to get you on track for your housing goals.