Buying your first home is one of the biggest financial decisions of your life. For most people, the hard part is not the monthly payment. It is coming up with the down payment and closing costs. That is the exact gap MassHousing was created to close, and it is one of the best first-time buyer tools we have here in Massachusetts.
We are an education-based mortgage company, so our job on this page is simple: explain how MassHousing really works, in plain language, so you can decide whether it fits you. Then, whenever you are ready, we will help you take the next step. No pressure, just a straight answer and a clear path forward.
Looking for the bigger picture first? Our Down Payment Assistance Options page covers more programs. This page zooms in on MassHousing.
What Is MassHousing, and How Does It Work?
MassHousing is the state’s quasi-public housing finance agency. Since making its first loan in the 1960s, it has helped tens of thousands of Massachusetts residents become homeowners with affordable fixed rates and real down payment help, all without taxpayer dollars.
Here is the part that surprises people: you do not get a loan from MassHousing directly. MassHousing designs the programs and insures many of the loans, but the mortgage itself is originated by an approved lender or broker.
Troy City Mortgage is a MassHousing approved broker, so we can match you to the right program and guide your loan all the way to closing.
The MassHousing Mortgage – Low Down Payment, Fixed and Predictable
A fixed-rate mortgage for a single-family home, condo, or 2- to 4-family property you’ll live in as your primary residence.
Good to know: you don’t always have to be a first-time buyer for the MassHousing Mortgage on its own, but first-time buyer status is required for the down payment assistance.
MassHousing Down Payment Assistance up to $30,000
Saving the down payment is the wall most buyers hit. MassHousing helps with a second mortgage of up to $30,000, available in every city and town in Massachusetts.
It’s assistance, not a giveaway. It gets repaid eventually, but the terms make it powerful. Choose from three options:
A detail that matters later: MassHousing generally won’t subordinate the assistance loan, so if you refinance down the road, the assistance balance usually has to be handled then. We’ll walk you through it before you sign.
MassHousing Requirements & Guidelines
How the MassHousing Process Works
While every situation is different, most MassHousing purchases follow a similar path:
- Check the income limit for the town where you want to buy
- Get pre-approved and match the right MassHousing option
- Complete a MassHousing-approved home buyer education class
- Pair your mortgage with the right down payment assistance
- Shop, make an offer, and close
Who and What Qualifies for MassHousing
Income requirements:
MassHousing down payment assistance isn’t only for low-income buyers. You must be income-eligible for the community where you’re buying. In many areas the limit reaches up to 135% of area median income, and for the conventional MassHousing Mortgage only the borrower’s income counts, not the whole household.
House requirements:
A single-family home, condo, or 2- to 4-family property anywhere in Massachusetts. It must be your primary residence. This is not an investor program.
Buyer requirements:
First-time buyer status is required for the down payment assistance. Credit scores generally start around 640, and you’ll complete a MassHousing-approved home buyer education class before closing.
MI Plus – A Safety Net If You Lose Your Job
Regular mortgage insurance protects the lender. MassHousing’s MI Plus protects you. On loans MassHousing insures, it’s included at no extra cost. If you lose your job, it can help cover your mortgage principal and interest for up to six months, up to $4,000 per month.
👉 Protection you hope you never need, and you’ll be glad to have it if life takes a turn.
MassHousing Income Limits – You May Earn More Than You Think
MassHousing isn’t only for low-income buyers. Many communities allow up to 135% of area median income, which is roughly $205,335 in eastern Massachusetts, $165,645 in Worcester County, $137,565 in the Berkshires and $129,870 in Hampden County. Limits vary by town and update periodically, so check yours before you count yourself out.
MassHousing vs. the ONE Mortgage
Which first-time buyer program fits you?
Both programs help first-time buyers get in with as little as 3% down. MassHousing adds up to $30,000 in down payment assistance, higher income limits in many areas, and MI Plus job-loss protection.
The ONE Mortgage, run by the Massachusetts Housing Partnership, has no private mortgage insurance but often tighter income limits. There’s no universal winner, so we run both against your real budget.
MassHousing Frequently Asked Questions
Up to $30,000. The 0% deferred option reaches the full $30,000 with no monthly payments, while the 2% and 3% options go up to $25,000.
They vary by community. Many areas allow up to 135% of the area median income, roughly $205,335 in eastern Massachusetts. We’ll verify the exact number for your town.
No. MassHousing doesn’t lend directly. You apply through an approved lender or broker, and Troy City Mortgage is a MassHousing approved broker, so we can guide you through the process and arrange the loan.
Minimums generally start around 640 and can go higher depending on the program, your down payment and the property.
To use the down payment assistance, yes. The MassHousing Mortgage doesn’t always require it on its own if you’re otherwise eligible.
Yes. Single-family homes, condos, and 2- to 4-family homes all qualify as long as they’re your primary residence. Multi-unit purchases generally require a 5% down payment and a stronger credit profile.
Yes. Troy City Mortgage is a MassHousing approved mortgage broker based in Fall River. We match you with the right MassHousing program, pair it with down payment assistance, and guide your loan from application to closing.
If you want to know whether MassHousing down payment assistance is your best move, and how much you could qualify for, we’re here to help.
Ready to start? Apply online, or call or text us at (508) 207-5864.
Disclaimer: Troy City Mortgage is a mortgage broker and a MassHousing approved broker.This page is our own educational guide and is not an official MassHousing publication; program terms are set by MassHousing and available at masshousing.com. MassHousing program details, assistance amounts, interest rates, credit requirements, and income limits are subject to change. Figures are estimates and should be verified for your community and situation. The content provided within this website is presented for information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply. Mortgage loans may be arranged through third party providers.
