• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Chris Graves, Certified Mortgage Advisor

Providing Mortgage Services in MA, NH, ME, RI and FL

  • Home
  • Mortgage Tips
  • Real Estate Tips
    • Home Buyer Tips
    • Home Seller Tips
    • Market Trends
  • AVM
  • Apply
  • About
    • Contact
    • Profile
    • Testimonials
    • My Zillow Reviews
Home / Mortgage Information / MassHousing Down Payment Assistance for Homebuyers

07.27.18 Mortgage Information

MassHousing Down Payment Assistance for Homebuyers

First time home buyers often struggle with saving up enough money for a down payment. During that time, home prices and interest rates continue to rise, making it even more challenging to buy. If you’ve been delaying a home purchase due to insufficient down payment funds, here’s some good news. MassHousing down payment assistance for homebuyers  is now available!

Amount Down Payment Assistance

Through the MassHousing home loan program offered by Sierra Pacific Mortgage, Massachusetts homebuyers can receive up to $12,000 to cover the 3% down payment requirement. This is provided as a low interest loan to be paid back over a 15-year period. The interest rate is just 1% and is a fixed rate. Thus, buyers borrowing the maximum $12,000 would pay $71.82 per month over a 15-year period.

Here’s a chart of other payment amounts based on the amount borrowed:

Amount Borrowed Monthly Payment Over 15 Years
$6,000 $35.91
$7,000 $41.89
$8,000 $47.88
$9,000 $53.86
$10,000 $59.85
$11,000 $65.83
$12,000 $71.82

Determining the Amount of Assistance

Down payment assistance covers 3% of the purchase price, up to $12,000. If you are purchasing a home for $300,000, your down payment would be $9,000. On a home for $400,000, you would need the maximum $12,000. A 3% down payment on a home for $450,000 is $13,500. Thus, you would need the $12,000 down payment assistance plus an additional $1,500 of your own funds.

Repayment When Selling Within 15 Years

MassHousing Down payment assistance for homebuyers is technically a loan (separate from your regular mortgage). Thus, if you sell your home before the 15 years, you must pay off the balance.

Requirements for MassHousing Down Payment Assistance for Homebuyers

There are some qualification criteria for this MassHousing down payment assistance program. First and foremost, you must be a first-time buyer. This means that you may not own another home or have owned one within the last 3 years. Additionally, your income must not exceed the median income for the area. Property and other restrictions also apply. For more information on this program and to find out whether you qualify, contact me today at 978-376-5389.

It's only fair to share...Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
Linkedin
Share on google
Google
Share on pinterest
Pinterest
Share on email
Email

Tags: Down Payment Assistance, First Time Home Buyer Programs

Chris Graves's avatar

Chris Graves

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.

sidebar

Blog Sidebar

Blog Categories

  • Local Information (61)
  • Misc Topics (14)
  • Mortgage Information (118)
  • News (22)
  • Real Estate Information (176)
    • Featured Properties (2)
    • Home Buyer Tips (134)
    • Home Maintenance & Repair (12)
    • Home Seller Tips (40)
    • Market Trends (24)

ICYMI

Reduced Monthly Mortgage Insurance Rates for FHA Loans Starting January 27, 2017

How to Improve Your Credit Score

Homeownership Bridal Registry Accounts

MA New Construction Mortgage Programs Introduction

Recent Move In Rates

Self Employed Mortgages

Are you or someone you know self employed and are interested in taking out a mortgage? Does the income that you claim on your tax returns not necessary as much as you really make? Well I have the product for you. It is called a bank statement loan! Watch this 49 second video to learn more. I can ... Read More

New Freddie Mac Self Employed guideline

If you are self employed and you are looking to explore your mortgage options you need to listen to this one minute video! Contact Christopher Graves, Loan Officer at 978-376-5389 or PM me here. #selfemployed#selfemployedmortgage ... Read More

Could there be an opportunity brewing in real estate?

Could there be an opportunity in real estate? Listen to this 47 second video to find out how! PM me here or call/text 978-376-5389 for a no cost or obligation analysis. #realestate #purchase #windhamnh #boston #cma #1sttimehomebuyer #investor #massachusettsrealestate #nhrealestate #mainerealestate ... Read More

DSCR Loans

What is a DSCR Loan? The debt service coverage ratio percentage is used by lenders to determine the cash flow on an investment property. This allows the mortgage lender to access the borrower's ability to repay the mortgage loan. The DSCR percentage is calculated by dividing the market rent by ... Read More

What the Recent Fed Hike Could Mean to the Housing Market

To help fight inflation, the Federal Reserve has hiked its benchmark Fed Funds Rate six times this year, including their most recent hike of 0.75%, taking the Fed Funds Rate from 0.25% to now 4.0%. Remember, the Fed Funds Rate is the overnight borrowing rate for banks, and does not directly affect ... Read More

Disclosure

Company NMLS 1788.
Licensed by the New Hampshire Banking Department #13092-MB.
Licensed in Massachusetts.
Lender and Broker License #MC-1788.
http://www.nmlsconsumeraccess.org
Click Here for Our Privacy Policy

Footer

Chris Graves, Certified Mortgage Advisor

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter

Contact Chris

Direct/Mobile: 978-376-5389
264 South River Rd, Suite 550
Bedford, NH, 03110
603-458-5107 x201

Topics

  • Local Information (61)
  • Misc Topics (14)
  • Mortgage Information (118)
  • News (22)
  • Real Estate Information (176)
    • Featured Properties (2)
    • Home Buyer Tips (134)
    • Home Maintenance & Repair (12)
    • Home Seller Tips (40)
    • Market Trends (24)

Disclosure

Company NMLS 1788.
Licensed by the New Hampshire Banking Department #13092-MB.
Licensed in Massachusetts.
Licensed in Maine.
Licensed in Florida.
Lender and Broker License #MC-1788 (Not Licensed in Alaska or New York)
http://www.nmlsconsumeraccess.org
Click Here for Our Privacy Policy

COPYRIGHT 2022 © CHRIS GRAVES, ALL RIGHTS RESERVED