While most healthcare practice owners won’t be eligible for this new program offered by Massachusetts that provides grants to first-time homebuyers to fund down payments and closing cost, perhaps your staff or your kids might qualify. According to information provided at: MassDREAMS Grants for Homebuyers (masshousing.com):
MassDREAMS is made possible by federal funding from the American Rescue Plan Act of 2021, which provides assistance to states to mitigate the economic effects of the pandemic.
MassDREAMS is a Massachusetts program that provides down payment and closing cost grants to first-time homebuyers who meet the program’s eligibility criteria and who currently live in one of the 29 communities that were disproportionately impacted by the COVID-19 pandemic: 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.
Important Note: MassDREAMS grants are only available to eligible first-time home buyers who purchase a property using a first mortgage loan from MassHousing or the Massachusetts Housing Partnership (MHP).
How much assistance is available?
- Up to $50,000 for homebuyers earning up to 100% of the area median income (AMI)
- Up to $35,000 for homebuyers earning between 100.01% and 135% of area median income
Area Median Income varies by county. For example, the area median income in Berkshire County is $117,855 and in Essex County is $179,955. Want to see if you might be eligible? Visit mymasshome.org.
MassHousing has partnered with lenders across Massachusetts to provide MassDREAMS grants to help certain first-time homebuyers in communities disproportionately impacted by the pandemic with their down payment and closing costs. If you have a MassDREAMS eligibility letter, contact one of these lenders. Don’t have an eligibility letter? Go to MyMassHome.org and click Down Payment Assistance > MassDREAMS.