MI Plus: Receive up to $2,000 per month for your principal and interest payments.Operation Welcome Home: Get up to $2,500 toward closing costs as an active-duty military member or veteran, member of the National Guard or Reserves, or Gold Star family.Purchase & Renovation: If you buy a home that needs major repairs, you can wrap the cost of renovation into your mortgage.The eligibility requirements are a little stricter for Workforce Advantage 2.0 than for the Down Payment Assistance program. You won't pay interest on the loan, and you'll pay it back when you sell the house, refinance your mortgage, or pay off your mortgage in full. If you buy in other parts of Massachusetts, you'll get the lesser of 5% or $15,000.
Workforce Advantage 2.0: If you buy a home in Boston, you can get either get a loan for 5% of your purchase price or $25,000 toward down payment assistance (whichever is less).You'll pay off the loan over 15 years at a 2% interest rate. Down Payment Assistance: Get a loan for 5% of your purchase price or $15,000 (whichever is less) for down payment assistance.You may qualify for one of the following financial assistance programs from MassHousing if you get a mortgage from a participating lender: First-time homebuyer programs in Massachusetts Paying an additional $500 each month would reduce the loan length by 146 monthsīy clicking on "More details," you can see how much you'll pay in interest over the years.Lowering the interest rate by 1% would save you $51,562.03.Paying a 25% higher down payment would save you $8,916.08 on interest charges.
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