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Introducing: Two First-Time Homebuyer Programs

We understand the stress that comes along with finding the perfect house as a first-time homebuyer in Massachusetts. Unfortunately, finding a mortgage isn’t a walk in the park either! From being able to afford your downpayment to costly interest rates, a house is a big investment. Lucky for you, Bristol County Savings Bank is offering two First-Time Home-Buyer Loan Programs to help provide financial assistance in your new home-buying journey.

MassDREAMS Grant Program

MassDREAMS is a Massachusetts program which is funded by the American Rescue Plan Act of 2021 for those who have faced financial difficulties due to the pandemic. This program provides down payment and closing cost grants to first-time homebuyers.

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
  • Households earning between 101% and 135% of area median income (AMI) are eligible for a maximum of $35,000
  • Assistance is structured as a grant

Eligibility

  • Be a first-time homebuyer
  • Borrowers must currently live in one for the following 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 and Worcester.
  • Meet the income guidelines for the MHP ONE Mortgage or MassHousing first mortgage product that you intend to use
  • Use the property as their primary residence
  • Complete an approved homebuyer education course

MassHousing Grant Program

The MassHousing program offers financial assistance with a down payment, so it doesn’t hold you back from securing your dream house.

Eligibility

  • Earn less than $179,955 per year
  • Plan to buy a single-family home, condo or 2-4 family property
  • Use the property as their primary residence
  • Grants of up to $50,000 for the following communities:
    • 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, and Worcester.
  • Grants of up to $30,000 in all other Massachusetts communities.

Get started by reaching out to a local mortgage consultant today!