Making Homeownership More Affordable

Saving for a down payment is one of the biggest challenges facing Massachusetts homebuyers.

Fortunately, there are affordable mortgage programs and down payment assistance options that can help qualified buyers purchase a home sooner than they thought possible.

At Transcend Mortgage, we help first-time homebuyers and moderate-income families explore affordable financing solutions, including MassHousing mortgage programs, low down payment options, and homebuyer assistance programs available throughout Massachusetts.

Whether you're looking to buy your first home in Boston, Worcester, Quincy, Malden, Everett, Randolph, or anywhere in Massachusetts, our team can help determine which programs may fit your situation.

What Is MassHousing?

MassHousing is an independent Massachusetts housing agency that provides affordable mortgage financing and homebuyer assistance programs designed to expand access to homeownership. MassHousing offers fixed-rate mortgages, down payment assistance, and unique borrower benefits that may not be available through traditional loan programs.

Many first-time homebuyers are surprised to learn they may qualify for a MassHousing mortgage even if they earn a moderate or middle-class income.

Down Payment Assistance Available

For qualified first-time homebuyers, MassHousing currently offers homebuyer assistance programs that may provide up to $25,000 or more toward down payment and closing costs, depending on eligibility requirements and program availability. Certain assistance programs feature deferred repayment terms and may offer 0% interest.

Funds may be used for:

• Down payment assistance
• Closing costs
• Prepaid mortgage expenses
• Interest rate buy-downs (when permitted)

Program availability, income limits, and funding levels may change without notice.

Benefits of Affordable Mortgage Programs

Affordable lending programs may offer:

• Low down payment options
• Competitive fixed interest rates
• Flexible underwriting guidelines
• Down payment assistance opportunities
• Homebuyer education resources
• Mortgage insurance benefits on select programs
• Financing for single-family homes, condominiums, and certain multi-family properties

MassHousing also offers MI Plus, a unique mortgage insurance benefit that may provide mortgage payment assistance for eligible borrowers who experience involuntary job loss.

Who May Benefit?

Affordable mortgage programs may be a good fit if you are:

• A first-time homebuyer
• Struggling to save for a large down payment
• Looking for lower upfront costs
• Purchasing a primary residence in Massachusetts
• Interested in state-sponsored homeownership programs
• Seeking down payment assistance

Eligibility requirements vary by program and may include income limits, purchase price limits, occupancy requirements, and completion of a homebuyer education course.

Why Work With Transcend Mortgage?

Choosing the right loan program can make a significant difference in both your upfront costs and your monthly payment.

We help you:

• Compare MassHousing, FHA, Conventional, and other affordable loan options
• Review available down payment assistance programs
• Determine program eligibility
• Calculate monthly payments
• Structure financing based on your long-term goals

Our goal is to help you understand all available options so you can make an informed decision.

Frequently Asked Questions

Do I have to be a first-time homebuyer?

Some affordable lending and down payment assistance programs are limited to first-time homebuyers, while others may have different eligibility requirements.

Can I use down payment assistance with a MassHousing loan?

Many down payment assistance programs are available when paired with an eligible MassHousing first mortgage. Program requirements apply.

Is the assistance a grant?

Some programs are grants, while others are deferred-payment loans that become due upon sale, refinance, or payoff of the property. Program terms vary.

What income do I need to qualify?

Income limits vary by county, household size, and specific program guidelines.

Can I buy a condo?

Many affordable mortgage programs allow eligible condominiums, single-family homes, and certain owner-occupied multi-family properties.

Let's Explore Your Options

Every buyer's situation is different.

Contact Transcend Mortgage today for a personalized review of available affordable mortgage programs and down payment assistance options.

Call: 617-892-9679

Email: loans@transcendmortgage.com

Important Disclosure

Program guidelines, income limits, funding availability, interest rates, and eligibility requirements are subject to change without notice. Not all applicants will qualify. This page is for informational purposes only and is not a commitment to lend. MassHousing is an independent housing finance agency. Transcend Mortgage is not affiliated with MassHousing.

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