Are you a first time homebuyer looking for help with your downpayment?
MassDREAMS (Delivering Real Equity and Mortgage Stability) is a federally funded grant program designed to provide eligible first-time homebuyers who currently reside in a Disproportionately Impacted Community with up to $50,000 in down payment and closing cost assistance for the purchase of a primary residence anywhere in the Commonwealth of Massachusetts.
- Down payment assistance equal to 5% of the purchase price and applicable closing cost assistance as needed
- Households earning less than 100% area median income (AMI) are eligible for a maximum of $50,000 in assistance.
- Assistance structured as a grant
- Can be paired with other forms of assistance
- Be a current resident of one of the following 29 communities:
Attleboro, Barnstable, Boston, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Framingham, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Randolph, Revere, Salem, Springfield, Taunton, Westfield, Worcester
- Be a first-time homebuyer – this means that you have not owned a home at any point in the last three years.
- Take a homebuyer class – THIS CLASS will help you prepare for the buying process.
- Meet down payment requirements – program requires a 3% down payment to buy a condo, single-family home, or two-family home.? At least 1.5% of the purchase price must be from your own savings.?For a three-family property, we require a 5% down payment with?at least 3% from your own savings.
- Have a total household income under limits – INCOME LIMITS vary by community and the number of people in your household.
- ?Have less than $75,000 in total household assets – this includes any checking accounts, savings accounts, stocks, or bonds. But it does not include most retirement (401k, 403b, 457, traditional IRA) and college savings accounts.
- Meet credit score limits – your credit score must be at least 640 to buy a single-family or condo and at least 660 to buy a two/three family home. We also have options for people who don’t have any credit history.
- Agree to live in the property as your primary residence – if you stop living in the property, you must refinance out of your ONE Mortgage.
First – Take the Homebuyer Education Class. Find a class near you by clicking HERE.
Second – Complete the Pre-Screening Questionnaire by clicking HERE.
Third – If eligible, bring the Pre-Eligibility Letter to a lender. You can find a qualified lender near you by clicking HERE.
Last – Submit your MassDreams Application. You can learn more on the official website HERE.
Still have some questions?
Get in Touch with a Metro Realty Agent to discuss your eligibility!