Caregivers Can Get Help Buying Their Dream Home
Caring for your charge is hard work, but it doesn’t have to be expensive.
Caregivers face financial challenges including elderly scams, fraud and financial abuse, plus the rising cost of housing. The Massachusetts Housing Finance Agency (MHFA) is now offering caregivers the ability to buy a home in their local area. This new program will help caregivers afford a place to call home as they look after loved ones who can no longer live independently.
The goal of the program is for caregiving families to be able to purchase a home in their community that best meets their needs, whether that means buying a smaller house or moving into a more-expensive community to meet their needs.
Once approved, caregivers may be eligible for down payment assistance of 10% of a home’s purchase price, up to either $50,000 or $30,000, depending on where you’re buying. To qualify for the downpayment assistance through the MassHousing Mortgage program, individuals must earn less than $179,955 per year, looking to purchase a single-family home, condo, or 2-4 family property in Massachusetts, and the purchase must be your future primary residence.
Qualified applicants will receive assistance with a portion of the down payment and closing costs when purchasing their primary residence in Massachusetts. In addition, they can access additional low-interest mortgage financing to help make monthly mortgage payments more affordable.
Homebuyers looking to live in the Massachusetts communities of Boston, Attleboro, Barnstable, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Framingham, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Randolph, Revere, Salem, Springfield, Taunton, Westfield, and Worcester can receive up to $50,000 for their down payment. In contrast, those looking to buy outside these cities can receive up to $30,000 for their down payment.
To learn more about the MassHousing Mortgage Program, please visit the MHFA website or can contact the MHFA directly at 617-661-5950. Do you care for a loved one at home and need financial support? Learn more about adult foster care and how you may be able to get money to help with caring for a loved one.