MassDREAMS First Time Homebuyer Grant Program

Today I wanted to share with you an amazing new offering for Mass housing. This is literally the newest, the greatest, the best loan program I’ve ever seen and I’ve been in the business for over 15 years. Hey, Chad Rankin here with Guild Mortgage in Worcester, Massachusetts.

They are calling it “mass dreams” and what it is is it's a grant that you do not need to pay back. It's free as long as you're a first time home buyer and you meet certain criteria. Mass housing has a minimum 640 FICO and they've got a maximum 135% of the area median income so the biggest key is that you have to currently reside in a disproportionately impacted community.

I want give you a quick little rundown of the towns and cities, where if you currently reside, you are potentially eligible here if you meet the other criteria, which a huge swath of folks do meet the criteria. I'm not gonna get into all the nitty gritty of the details, but it is a lot of people that are qualified for this now.

They've got about $30 million to go around. This just went live yesterday. The question is, how long is it gonna last? They're anticipating maybe up to six months. We really don't know, but once it's gone, it's gone. And then we're back to their other great programs that they have. Their down payment assistance through their workforce advantage, FHA and conventional program, as well as their first time home buyer programs.

But here's the kicker….we can still use those programs right now with the down payment assistance that came with those programs. Like for the workforce advantage program, literally at a 0% interest rate for 30 years. Plus I can use the additional down payment help or closing costs help in the form of the grant.

It's really like nothing we've ever seen and it's only here for a short period of time. So I implore you, friends, family, anybody that's looking to buy their first home, now is the greatest time that I've ever seen. If you have any questions at all, we serve the entire state, not just Worcester county. Give us a ring at (508) 417-7740. We really look forward to answering your questions and helping you out.