Every Mass Housing Loan Program and How to Qualify
Buying a home can seem daunting, but luckily the state of Massachusetts wants to make it easier. There are a number of programs that can help you afford a downpayment, lessen the monthly payment burden, or just become better educated about the home-buying process.
Here are the programs that Massachusetts offers to assist with buying a home:
MassHousing
MassHousing is an agency that lends down payment assistance to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and/or mixed-income rental housing. They offer loans through participating lenders. The income limits for MassHousing depend on where you want to purchase your home. In Cambridge, you qualify for a MassHousing loan if you make less than $113,300.
In addition to this loan program, MassHousing offers a variety of resources and education programs for first-time homebuyers.
MyMassMortgage
MyMassMortgage is a program within MassHousing. MyMassMortgage is a full-service guide to the homebuying process, including finding a mortgage, taking a first-time home buying course, and eventually walking you through the homebuying process. They offer a great mortgage calculator that can tell you which programs you qualify for in Massachusetts.
MHP ONE Mortgage
MHP is a non-profit organization that offers affordable mortgages throughout Massachusetts. Their income limits are determined by household size and city/town. In Cambridge, the income limit for a one-person home is $88,450. In addition to their mortgage program, MHP also offers rental assistance and home buying resources.
Housing Consumer Education Centers of Massachusetts
The Housing Consumer Education Centers of Massachusetts offers an entire library of resources for home buyers and home owners. It has everything you need if you’re looking for details on your mortgage, your energy uses, fire safety and even pet resources. If you’re looking for help on an issue along your home ownership journey, this is a great place to start.
Habitat for Humanity
Periodically, Habitat for Humanity of Greater Boston will open applications for housing assistance for programs in the area. Currently, they are in the selection process for five three-bedroom homes in Malden, but no longer accepting applications. You can join their list to be notified when applications are available for new Habitat homes.
Massachusetts Department of Housing and Community Development (DHCD)
Massachusetts DHCD maintains state assistance for public housing programs, rental assistance, assistance for the unhoused population, and resources for home buyers. They are a great resource if you or someone you know are in a housing crisis.
First-Time Homebuyer Programs by City
In addition to what’s offered by the State of Massachusetts, most cities offers specific programs that are tailored to the income limits and markets in that city.