MassDreams Grant Program and What It Could Mean For First Time Home Buyers

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.

Program Features:

  • 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

Homeowner Eligibility

  • 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.

    Next Steps

    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!