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The new MassDreams grant program has been launched, as of September 12th, 2022, and it will provide up to $50,000 in financial assistance to first-time home buyers. This is great news for anyone who is looking to purchase their first home! The grant will be available to anyone who meets the criteria. It can be combined with MassHousing down-payment assistance. You can use it to buy multi-family, single-family, and condo units. The beautiful part is that it's a grant, so no re-payment is required, even on on re-sale!
What are the Program Requirements
In order to be eligible for the MassDreams grant program, you must:
- Be a first-time home buyer
- Have a household income of 135% or less than the area median income
- Be able to afford a mortgage
- Max of 45% Debt to income ratio
- It can be Conventional or FHA.
- 700 credit score
- It needs to be the borrower's primary residence.
What You Can Use the Money For
- Down payment
- Closing costs
- Escrow funds
- Points
- Prepaying mortgage insurance
How Much Financial Assistance Will Be Available Through the Grant
The grant will provide up to $50,000 in financial assistance to buyers who make up to 100% of the Area Median Income, and then they will give up to $35,000 for up to 135% of the Area Median Income.
Where Can the Program Be Used
The MassDreams grant program can be used in anywhere in the State of Massachusetts, provided you are CURRENTLY living in one of the communities deemed to have been "disproportionately impacted by Covid." There are many areas throughout Massachusetts that have great job opportunities and a strong economy. The MassDreams grant program will help to make purchasing a home more affordable for people in these areas.
The list of eligible cities and towns includes:
- Boston
- Attleboro
- Barnstable
- 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
Conclusion
The MassDreams grant program will provide financial assistance to first-time home buyers. The grant will be available to anyone who meets the criteria, which includes having a household income of 135% of the area median income or less and being able to afford a mortgage. This is great news for anyone who is looking to purchase their first home in Massachusetts!
