Appply for a MassDreams Grant today.
You may qualify for a mortgage assistance grant for up to $50,000!
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.
Complete the Pre-Screening Questionnaire
- If eligible, the next step is to pre-qualify for a mortgage here. Once complete, a Fairway Mortgage Loan Advisor will handle the rest!
- 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
To be eligible for MassDREAMS grant you must:
- 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 get ready for the home-buying process.
- Meet our down payment requirements. We require 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 our limits. Our 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 our 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.
Buying a two- or three-family property? You must complete a pre-purchase multi-family/landlord course or meet with an approved agency for a one-on-one counseling session.
***Disclaimer: MassDREAMS may be subject to Federal Tax implications. MHP DOES NOT provide tax advice and recommends consultation with your tax advisor for further information. ***
What are my next steps?
- Take a homebuyer education class. Find a class near you.
- Complete the pre-screening questionnaire.
- If eligible, pre-qualify for a mortgage here.
- Submit MassDREAMS application