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Homebuyer & Homeowner Programs
- AN OVERVIEW -
For more information, click on the questions below:
Homeownership programs help low and moderate-income homebuyers buy and repair single and multi-family homes. Eligible homebuyers can get low interest mortgage loans, down payment and closing costs assistance, government mortgage payments, and mortgage insurance. Homebuyer education courses and lead paint removal assistance are also offered.
Many homeownership programs are for first-time homebuyers of low or moderate income. Families must usually meet income requirements, buy a house within certain price limits, plan to live in the house they buy, and be able to afford their monthly housing and other expenses. Some programs require applicants to complete a homebuyer education course to be eligible.
There are many programs in Massachusetts for families who need help buying or repairing a home:
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The 2008, 2009, and 2010 Housing Tax Credits offer federal tax incentives to homebuyers and homeowners, including a substantial tax credit to eligible first-time homebuyers and non-first-time homebuyers, and a property tax deduction to homeowners who do not itemize deductions on their income taxes.
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The MassHousing Homebuyer Tax Credit Loan Program gives homebuyers an advance on their federal first-time homebuyer tax credit that they can use for down payment or closing costs.
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The Soft Second Loan Program and the MassHousing Mortgage Program offer affordable fixed rate mortgage loans with low down payment requirements.
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Homebuyer education classes, which are required by many homeownership assistance programs, may be taken at various approved locations throughout Massachusetts.
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Down payment and closing costs assistance, offered by most Massachusetts cities and towns, provides some of the money needed at closing. This assistance is for lower income first time homebuyers who can afford a mortgage but need help with the down payment and closing costs.
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Lead paint removal programs offer grants, loans, and tax credits to homeowners who remove lead paint hazards from their property.
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Fannie Mae and Freddie Mac, two government approved loan companies, offer mortgages with low down payments and flexible qualifying requirements. These loans are available through area banks and mortgage companies.
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Government guarantees of mortgage loans are available through the Federal Housing Administration (FHA), Department of Veterans' Affairs (VA), and Rural Housing Service (RHS).
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The Section 8 Homeownership Program allows families with Section 8 rent vouchers to use their vouchers to help buy a home.
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Habitat for Humanity builds homes using volunteer labor and sells them to low and moderate-income families at no profit with a no interest mortgage.
You can get information about these homeowner programs from any non-profit homeownership agency serving your community.
For a list of agencies, see Home Buyer Counseling Agencies on the MassHousing web site. You may also call MassHousing at 888-843-6432 or the Massachusetts Housing Partnership Fund toll-free at 877-MHP-FUND.
Foreclosure prevention programs are counseling programs and mortgage assistance programs that help you if you are in trouble with your home loan, or think you will be in trouble in the future.
Foreclosure prevention programs include Making Home Affordable, President Obama's refinance and loan modification program to help struggling homeowners keep their homes during the current financial crisis.
Links to other web sites with information about Massachusetts homeownership programs.
Homeownership section last updated on 4/22/10
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