Massachusetts Housing Loan Income Limits Announced
Massachusetts is expanding a program to provide interest-free loans to first-time homebuyers to assist with down payments. State Secretary of Housing and Livable Communities Juanma Matias stated the program could save buyers up to $31,000 over the life of a loan. The initiative is expected to benefit approximately 1,000 first-time homebuyers. WBUR has reached out to the city and the police department for comment regarding related matters. The announcement was made on Tuesday. Governor Healey announced that income limits for the $25,000 loan program are being raised to 135% of the area median income, approximately $205,000 in eastern Massachusetts. The loans will now be interest-free instead of the previous 2% to 3% range. Governor Maura Healy announced that more Massachusetts residents meeting specific income guidelines are now eligible for $25,000 interest-free loans.
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Sources · 7 independent
“expanding a program to help first-time home buyers of Massachusetts with their down payments. That help will now come in the form of an interest-free loan.”
“make up to $205,000 a year and be eligible for this program.”
“State Secretary of Housing and Livable Communities, Juanma Matias says the program will save home buyers up to $31,000 over the life of the loan.”
“More first-time home buyers in Massachusetts are eligible for $25,000 loans from the state. Governor Morhealy announced today”
“are eligible for $25,000 loans from the state. Governor Morhealy announced today”
“Governor Morhealy announced today She's raising income limits for the program to 135% of the area median income. That's about $205,000 in eastern mass. The governor also says the loans will be interest-free.”
“Governor Healy announced yesterday people who meet certain income guidelines are now eligible for the down payment loans. You can put that money towards a down payment, towards closing costs, anything to allow you to help you to buy that home.”
“The loans were between 2 and 3 percent, but state housing and livable community secretary, Wana Matias, says now their interest free. And that zero percent interest will save those home buyers up to $31,000 over the life of the loan.”
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