Down Payment Assistance

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City of Worcester


Are you a First Time Home Buyer looking to purchase a home in Worcester?


The City of Worcester offers First Time Homebuyers up to $5,000 (1.5%) in down payment and closing cost assistance. Funding provided through Community Development Block Grant (CDBG) funds.  To qualify, buyers must meet following criteria:

  • Be a First Time Homebuyer with household income at or below 80% AMI Income Limit
  • Property purchased, must be located in the City of Worcester and meet HUD habitability standards
  • Complete an approved First Time Homebuyer Certification course prior to closing
  • Must apply at least 45 days prior to closing
  • Applications are submitted to, reviewed and approved by City of Worcester*
  • 3 Year Residency Restriction placed on property

To apply and/or for more information on the City of Worcester Down Payment Assistance, contact: (508) 799-1400.

ARPA DOWN PAYMENT ASSISTANCE

Program Overview:

  • Provides first-time income-qualified homebuyers with up to $25,000 in down payment and closing cost assistance.
  • Administered by Worcester Community Housing Resources

Eligibility Requirements:

  • Buyer must meet the HUD definition of a first-time homebuyer and have an income that does not exceed 80% AMI.
  • Buyer must be preapproved for a mortgage.
  • Buyer must complete a HUD-certified Massachusetts Homeownership accredited housing education workshop.
  • The property must be located in the City of Worcester and be in habitable condition.

For additional information and to fill out an application visit https://www.wchr.org/downpayment-assistance-program


Are you a First Time Home Buyer and currently work in Worcester?


The City of Worcester also offers employees in the City of Worcester up to $5,000 (1.5%) in down payment and closing cost assistance. Funding provided through Community Development Block Grant (CDBG) funds.  To qualify, buyers must meet following criteria:

    • Be a First Time Homebuyer with household income at or below 120% AMI Income Limit
    • Currently employed and working in the City of Worcester
    • Property purchased, must be located in the City of Worcester and meet HUD habitability standards
    • Complete an approved First Time Homebuyer Certification course prior to closing
    • Must apply at least 45 days prior to closing
    • Applications are submitted to, reviewed and approved by City of Worcester*
    • 3 Year Residency Restriction placed on property

To apply and/or for more information on the City of Worcester Down Payment Assistance, contact: (508) 799-1400.


Other available grant programs in the City of Worcester


    • Worcester Lead Abatement Program
    • Worcester Housing Now Program

For more information on these programs, contact (508) 799-1400

 
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MassHousing


MassHousin offers First Time Home Buyers Down Payment and Closing Cost Assistance. To qualify, buyers must meet following criteria.

  • First Time Home Buyers* purchasing single family, condo, or pud.
  • Income limits up to 135% AMI
  • Approved for a regular Mortgage
  • Must take a Home Buyer Education class/Landlord class if purchasing a multi-family.
  • Contact one of the approved MassHousing Lenders

For more information on MassHousing’s Down Payment Assistance, visit www.masshousing.com

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Equity Builder Program


Federal Home Loan Bank of Boston (FHLBB) Equity Builder Program offers First Time Homebuyers up to 3% in down payment and closing cost assistance. 

Equity Builder Program Highlights:

    • Up to $15,000 of Down Payment and Closing Cost Assistance
    • Must be a First Time Homebuyer with household income at or below 80% AMI limit of where you will purchase.                                                     (Program funds available across New England region)
    • Buyers must complete an approved First Time Homebuyer Certification course prior to closing
    • Buyers can only apply through lender that is an approved member of FHLBB. 
    • Buyers must have a signed P&S in order to apply. (Applications are not submitted without a fully executed P&S) 

For more information on the Equity Builder Program, visit: https://www.fhlbboston.com/fhlbank-boston/ebp-overview#/

HOW Grant Program is similar to Equity Builder Program. Amount of funding awarded is determined by FHLBB and distributed by approved lenders.

*Applications are reviewed and approved by the respective entities. Income limits are subject to change without notice.