Massachusetts Governor Announces Zero Interest Down Payment Loans
The state of Massachusetts is expanding a program to provide interest-free loans to first-time homebuyers. Governor Maura Healy stated that the assistance is now available to individuals earning up to 135 percent of the area median income. Previously, interest rates on these loans ranged from 2 to 3 percent. The program aims to assist more residents with down payments for home purchases. In Eastern Massachusetts, eligibility extends to those earning up to $205,000 annually. In Worcester County, the income limit is approximately $165,000 per year. State Secretary of Housing and Livable Communities Juan Matias stated the program will provide savings. The program is expected to assist approximately 1,000 first-time homebuyers. According to Juan Matias, the initiative could save homebuyers up to $31,000 over the life of a loan.
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Sources · 7 independent
“The state is expanding a program to help first-time homebuyers in Massachusetts with their down payments. Governor Healy says the help is now open to people earning up to 135 percent.”
“the help is now open to people earning up to 135 percent.”
“the help is now open to people earning up to 135 percent. of the area median income. So I'll tell you what that means. If you live in Eastern Massachusetts, you can make up to $205,000 a year and be eligible for this program.”
“Juan Matias says the program will save homebuyers up to $31,000 over the life of the loan. That is the difference between waiting and buying, between being priced out and being able to compete, between being on the sidelines and finally being able to become a homeowner.”
“The governor yesterday announced zero interest loans on $25,000 to be used toward down payments. The program is open to home buyers who meet income qualifications.”
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