If you are a “first time homebuyer” which means you have not owned a home in the prior 3 years and have less than $75,000 in assets, you may be eligible for DPA (down payment assistance). There are a number of different DPA programs available in the Greater Boston area depending on where you currently live or wish to purchase a home and your household income amount. Some DPA programs are grants so there is no repayment requirement, others are loans at discounted rates, and others have forgiveness clauses after a certain number of years in the home.
Click through on the links to find out more about each program and start your process!
ONE Mortgage: https://www.mhp.net/one-mortgage
Saving Towards Affordable Sustainable Homeownership (STASH): https://mahahome.org/STASH
Equity Builder Program (EBP): https://www.fhlbboston.com/fhlbank-boston/ebp-overview#/
Housing Our Workforce (HOW): https://www.fhlbboston.com/fhlbank-boston/how-overview#/
Lift Up Homeownership (LUH): https://www.fhlbboston.com/fhlbank-boston/lift-up-homeownership#/
Mass Housing DPA programs and MIPlus: https://masshousing.com/home-ownership/homebuyers/homebuyer-loans
Boston Home Center (for residents of Charlestown, East Boston, Back Bay/Beacon Hill, Central, South Boston, South End, Fenway/Kenmore, Allston/Brighton, Jamaica Plain, Roxbury, Dorchester, Mattapan, Roslindale, West Roxbury, Hyde Park): https://www.boston.gov/departments/housing/find-financial-help-owning-home
- First Time Homebuyer Program: https://www.boston.gov/first-time-homebuyer-program
- ONE+ Boston Financial Assistance Program: https://www.boston.gov/departments/housing/boston-home-center/one-boston-homebuyer-program
- Allston/Brighton Homeownership Program: https://www.boston.gov/departments/housing/boston-home-center/allston-brighton-homeownership-program
- Neighborhood Homes Initiative: https://www.boston.gov/departments/housing/neighborhood-homes-initiative
- Boston Housing Authority Homeownership Program: https://www.bostonhousing.org/en/For-Section-8-Leased-Housing/Resident-Information/BHA-First-Home-Program.aspx
To start on your homeownership journey and be eligible for a program, the best place to start is by taking a CHAPA-approved Homebuyer 101 class. Completing this course provides you with a certificate and access to multiple loan programs as well as down payment assistance.
Below are links to a number of agencies around the area where you can take the Homebuyer 101 class. Many are available virtually via Zoom. Some offer classes in Spanish, Chinese or other languages as well as English. Take a look and see which one fits for you!
If you prefer a self-paced, on-your-own schedule type of class, you can access the class via Framework at https://learn.frameworkhomeownership.org/.