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MassHousing

MassHousing

MassHousing

MassHousing Mortgages

As a MassHousing-approved lender, Bank of Canton is pleased to offer affordable financing programs for buyers with modest incomes. These mortgage programs feature low or no down payment requirements plus competitive interest rates for first-time homebuyers as well as experienced homeowners.

MassHousing Benefits & Protections

Borrowers will enjoy great rates, flexible underwriting and quick processing. Additionally, borrowers who use MassHousing mortgage insurance receive job loss payment protection at no additional cost. If you lose your job, MassHousing will cover your principal and interest (up to $2,000/month) for up to six months.

Is MassHousing Right for You?

Contact one of our expert mortgage lenders today to discuss your specific situation and MassHousing eligibility criteria. Together, we’ll help you choose the best option for your needs.

additional masshousing programs


The MassHousing Down Payment Assistance program allows eligible first-time homebuyers to put less money down on a home purchase. Homebuyers can supplement their own savings with special financing for up to $15,000 or 5% of the home’s purchase price, whichever is less.

Program details & eligibility:

  • Single-family homes, condominiums and 2-, 3- or 4-family properties are eligible.
  • First-time homebuyers in the City of Boston (including neighborhoods) and the 26 Massachusetts Gateway Cities* earning 135% or less of the area median income (AMI) are eligible. AMI varies by location; we can determine your AMI for you.
  • First-time homebuyers elsewhere in Massachusetts earning 100% or less of the AMI are eligible. AMI varies by location; we can determine your AMI for you.
  • Down payment assistance is a 15-year, fixed-rate loan at 2%. (Example: $15,000 down payment assistance loan = 180 payments of $96.53; 2.011% APR.)
  • Down payment assistance will need to be repaid if you sell or refinance your home before the end of the 15-year term.

Our mortgage lenders will gladly review your eligibility with you.

*The Gateway Cities are Attleboro, Barnstable, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Revere, Salem, Springfield, Taunton, Westfield, and Worcester.


MassHousing’s Workforce Advantage 2.0 program offers expanded down payment assistance and other benefits to help increase buying power for working families.

Program eligibility:

  • First-time homebuyers earning 80% or less of the area median income (AMI) are eligible. AMI varies by location; we can determine your AMI for you. Income certification is required by MassHousing for your total household income.
  • Single-family homes, condominiums and 2-family Massachusetts properties are eligible.

Workforce Advantage 2.0 includes:

  • An affordable, fixed-rate MassHousing mortgage.
  • Mortgage insurance with MI Plus job loss protection, paid by MassHousing.
  • Expanded Down Payment Assistance (DPA): A 0% interest rate loan (0% annual percentage rate), on which payment is completely deferred until you either 1.) sell or transfer your home, 2.) pay off or refinance of your first mortgage, or 3.) your first mortgage matures, whichever is earliest. At that time, the balance of your down payment assistance loan will be due in full.
    • Maximum DPA amount in the City of Boston (including neighborhoods) and the 26 Massachusetts Gateway Cities* is $25,000 or 5% of the home’s purchase price, whichever is less.
    • Maximum DPA amount elsewhere in Massachusetts is $15,000 or 5% of the home’s purchase price, whichever is less.

Our mortgage lenders will gladly review your eligibility with you.

*The Gateway Cities are Attleboro, Barnstable, Brockton, Chelsea, Chicopee, Everett, Fall River, Fitchburg, Haverhill, Holyoke, Lawrence, Leominster, Lowell, Lynn, Malden, Methuen, New Bedford, Peabody, Pittsfield, Quincy, Revere, Salem, Springfield, Taunton, Westfield, and Worcester.


MassHousing Purchase & Renovation loans help borrowers cover both the cost of purchasing a home in need of repair, as well as the repair expenses. Ideal for purchasing a fixer-upper, the minimum renovation amount for a Purchase & Renovation loan is $10,000.


The Operation Welcome Home program helps military families achieve the dream of homeownership. This program features closing cost assistance of up to $2,500, which may be combined with the Down Payment Assistance program. To qualify for an Operation Welcome Home loan, you must:

  • Be an active duty military member; member of the Reserves or National Guard; Veteran who served honorably; or Gold Star Family member
  • Be a first-time homebuyer*
  • Purchase a 1- to 4-family property (including condos) in Massachusetts
  • Meet income and loan limits

*You do not have to be a first-time homebuyer if you are purchasing a home in Boston, Chelsea, Cambridge, Everett, Fall River, Lawrence, Lynn, North Adams and Somerville.