#homebuying #mortgage #downpaymentassistance #downpayment
Saving the money for the down payment on a home is the BIGGEST barrier to home ownership; not credit score, not debt-to-income ratio, not having a high enough paying job, etc. In order to combat this, MassHousing has just offered a new DPA (Down Payment Assistance) program.
Who is Eligible for the DPA?
Income-eligible first time home buyers who are purchasing a home in Massachusetts. These household income limits do vary by both the size of your household as well as the county you plan on buying in.
Can I Buy a Multi-Family Property with this DPA?
Yes, this DPA is eligible for 1-4 unit properties.
Do I Have to Live in the Property in order to Qualify for this DPA?
Yes, this must be a primary residence in which the borrower will live in the property.
What is the Minimum Credit Score for this DPA?
The minimum credit score in order to qualify for this DPA is 640.
Are there any limits to the Price of the Home that I can buy with this program?
Yes, there are limits to the price of the home you can buy with this program. They vary by county and they also vary by what type of property you plan on buying.
What is the Option 1 DPA?
The Down Payment Assistance is an interest-free deferred payment second mortgage loan, which means that no payments are due until the property is sold, refinanced, or the first mortgage loan is paid off, at which time, the entire balance is due.
What is the Maximum Amount in Down Payment Assistance I Can Get With The Type 1 DPA?
$30,000
What is the Option 2 DPA?
The Down Payment Assistance is a 15-year amortizing second mortgage loan at a fixed 2% interest rate, which means that the borrower makes monthly payments of principal and interest for 15 years on this second loan, in addition to the monthly payments on their first mortgage loan.
What is the Maximum Amount in Down Payment Assistance I Can Get With The Type 2 DPA?
$25,000
How Much Would The Type 2 Payment Cost Per Month?
A DPA loan in the amount of $25,000 would have 180 payments (15 years) of $160.88 per month.
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