Hurry Home believes many Americans have been locked out of the mainstream paths to homeownership and building wealth for the next generation. One of the reasons for exclusion is the high cost of housing in America. They work with aspiring homeowners by leveraging a lease-to-own strategy. The program enables participants to become homeowners in ten years. With a fixed term and fixed monthly payments, long-term renters can build stability. During the ten year period, they work with renters to Improve their credit score by reporting there monthly payments to credit bureaus.
Landed helps essential employees purchase property. They also offer a shared equity option by providing down payment assistance which assists the buyer by allowing them to make 20% down payment. There are no income restrictions.
Landis helps renters buy their first home. People can pick out the home of their dreams, rent it for a year (while they build credit and save for a downpayment), then purchase it any time in the first year. Additionally, they offer people tools and incentives to enhance their credit score and build up their down payment.
One of the biggest challenges for homebuyers is coming up with the funds to cover the down payment requirements and/or closing costs associated with a mortgage loan. To bridge that gap, NHF provides down payment and/or closing cost assistance (DPA), up to 5% of the mortgage loan amount.
This program for low- and moderate-income borrowers is offered through the Massachusetts Housing Partnership, a nonprofit affordable-housing organization. The Massachusetts Housing Partnership partners with lenders all over Massachusetts to offer the state’s most affordable program for first-time buyers. The program’s key features include a discounted 30-year, fixed interest rate on the mortgage and a down payment that’s as low as 3 percent of the purchase price (including for two-families). Eligible borrowers might also get subsidies for paying the interest on the mortgage for the first few years.
Is your first home purchase is a fixer-upper? MassHousing offers a lending option through participating lenders and rehab agencies that provides low- and no-down payment avenues for qualified borrowers looking to fix up a one- to four-family home (or to help finance the rehab of a borrower’s existing home). The minimum rehabilitation amount is $10,000.
STASH is a matched-savings program for first-generation homebuyers below the area median income. This program aims to increase home ownership amongst those that aim to be the first homebuyer in their family.
MassHousing's Workforce Advantange 2.0 program provides down payment assistance of up to $25,000 and other benefits to help increase buying power for working families.This program specifically aids first-time homebuyers who earn up to 80 percent of the area median income where they’re looking to buy. It applies to condos and single-families, and can include discounted mortgage insurance as well as down payment assistance of up to 3 percent of the purchase price (or, again, $15,000, whichever is less).
