Buyer programs
Many Boston-area buyers believe they need 20% down. Federal, state and city programs can lower that a lot, and most people never hear about them. Here are the main ones.
Photo: Sean Sweeney
Who it’s for: Buyers with modest savings or credit history, including owner-occupants of 2–4 unit buildings.
A federally insured mortgage that allows a down payment as low as 3.5% for qualifying borrowers. It can be used on a triple-decker if you live in one of the units.
Official details ↗Who it’s for: Eligible veterans, service members and some surviving spouses.
Often requires no down payment and no monthly mortgage insurance. It can also be used on owner-occupied multifamily homes.
Official details ↗Who it’s for: Low- and moderate-income buyers, especially first-time buyers, within income limits.
Massachusetts' housing finance agency offers affordable mortgages and down-payment assistance through participating lenders.
Official details ↗Who it’s for: First-time buyers within income and asset limits.
Run by the Massachusetts Housing Partnership: a low down payment, no private mortgage insurance, and for some buyers a subsidy that lowers monthly payments in the early years.
Official details ↗Who it’s for: First-time buyers purchasing in the City of Boston, within income limits.
Homebuyer classes, financial counseling, and down-payment and closing-cost assistance. It's also the place to start for ONE+ Boston, which offers lower rates and down-payment help to eligible Boston buyers.
Official details ↗Who it’s for: Buyers purchasing in a specific city or town.
Many cities around Boston, including Somerville, Cambridge, Quincy and Malden, run their own assistance or first-time buyer programs. Search "[city name] first-time homebuyer program" or ask the city's housing office.
Official details ↗Income limits, assistance amounts and availability change often. Always confirm current terms with the program or a participating lender.
Make it work
Many assistance programs require a CHAPA-certified first-time homebuyer course. They're inexpensive or free, available online, and the certificate is good for a while — take it before you start touring.
Learn more ↗Not every lender offers every program. When you shop for pre-approval, ask specifically about MassHousing, ONE Mortgage, and your city's assistance.
Boston and several nearby cities reduce property taxes on owner-occupied primary residences through a residential exemption. It isn't automatic — you usually have to apply after you buy.
Some buyers combine a first mortgage program with city down-payment assistance. A housing counselor can help you figure out what you're eligible for.
Tell us a bit about your situation and we'll point you to the programs and people to talk to first.