Massachusetts REALTORS® Provide Affordable Housing Resources
Finding affordable housing is a major challenge in Massachusetts, but the North Shore Association of REALTORS® is actively working to help lower-income buyers discover housing options.
Massachusetts is home to some of the country’s largest and most expensive single-family home lots: The median home price in Massachusetts is $398,000, compared with $209,000 nationally, according to the National Association of REALTORS®.
To help buyers realize the dream of homeownership, local REALTORS® participated in the National Association of REALTORS® Expanding Housing Opportunity training program. It then created a website, NorthShoreMAhomePrograms.com, to help buyers find a bevy of programs offering down-payment assistance and lending advice.
Some of the first-time buyer programs include the following options:
li>The Lynn Soft Second provides a forgivable loan for 1.5% of the purchase price for down payment or closing costs. Properties purchased must be located within Lynn, MA, and family income cannot exceed $85,050.
- The Danvers Down Payment Assistance Program provides 10% of the purchase price to families with a household income under $99,250.
- The One Mortgage Program is a low down-payment mortgage program that offers discounted 30-year fixed-rate loans with no private mortgage insurance. This loan will provide up to 20% of the sale price, and it can be combined with other assistance programs. Income restrictions vary by community.
For first-time buyers in Massachusetts, there are fewer reasons not to purchase a home—thanks to the North Shore Association of REALTORS®.