Comparing down payment assitance programs Massachusetts vs Virginia

Buying a home is a major life goal, but the upfront costs, especially the down payment, can feel like a huge hurdle. Thankfully, both Massachusetts and Virginia offer several down payment assistance programs to help first-time homebuyers and low- to moderate-income borrowers bridge the gap. Let’s compare the key features of these programs in each state:

Eligibility Requirements:

  • Massachusetts:
    • Must be a first-time homebuyer or not have owned a home in the past 3 years.
    • Income limits vary by program and location, typically ranging from 80% to 120% of the area median income (AMI).
    • Minimum credit score of 640 for most programs.
  • Virginia:
    • Must be a first-time homebuyer within the past 3 years (exceptions for military veterans and some rural areas).
    • Income limits vary by program and location, generally at or below 140% of the AMI.
    • Minimum credit score of 620 for most programs.

Benefits Offered:

  • Massachusetts:
    • Grants of up to $30,000 or 10% of the purchase price (whichever is less) for eligible first-time homebuyers.
    • Forgivable second mortgages of up to $50,000 for low- to moderate-income borrowers.
    • Down payment assistance can be combined with other state and federal homebuyer programs.
  • Virginia:
    • Grants of up to $10,000 for eligible first-time homebuyers.
    • Down payment loans of up to $15,000 with interest rates as low as 1%.
    • Tax credits for qualified homebuyers.

Application Process:

  • Massachusetts:
    • Contact a MassHousing-approved lender or housing agency.
    • Complete a homebuyer education course.
    • Gather required documentation, such as income verification and tax returns.
  • Virginia:
    • Contact a Virginia Housing Development Authority (VHDA)-approved lender or real estate agent.
    • Complete a homebuyer education course (may be required).
    • Submit an application online or through a participating lender.

Funding Availability:

  • Massachusetts:
    • Funding levels can vary depending on the program and location.
    • Some programs have waiting lists.
  • Virginia:
    • Funding is allocated on a first-come, first-served basis.
    • Some programs may have limited availability.

Impact on Closing Costs:

  • Down payment assistance can help reduce the amount of money needed for closing costs, including:
    • Loan origination fees
    • Title insurance
    • Property taxes
    • Inspection fees

Additional Resources:


  • These are just the highlights of each state’s down payment assistance programs.
  • Specific eligibility requirements, benefits, and application procedures can vary.
  • It’s always best to contact a qualified housing professional to discuss your individual needs and eligibility for assistance.

By understanding the down payment assistance programs available in Massachusetts and Virginia, you can take a major step towards achieving your dream of homeownership.

I hope this information helps! Let me know if you have any other questions.


Q: What is a down payment assistance program?
A: A down payment assistance program helps homebuyers by providing financial assistance towards the upfront cost of purchasing a home, specifically the down payment.

Q: What are the down payment assistance programs available in Massachusetts?
A: In Massachusetts, several down payment assistance programs are available, including MassHousing, MassHousing Partnership, and ONE Mortgage.

Q: What are the down payment assistance programs available in Virginia?
A: In Virginia, there are various down payment assistance programs, such as the Virginia Housing Development Authority’s (VHDA) Down Payment Assistance Grant, VHDA’s FHA Plus, and VHDA’s Community Heroes & Educators Grant.

Q: How do down payment assistance programs in Massachusetts compare to those in Virginia?
A: The down payment assistance programs in Massachusetts and Virginia vary in terms of eligibility requirements, funding availability, and specific program features. It is essential to compare the details and benefits of each program to determine which one suits your needs best.

Q: Are there any income limitations for qualifying for down payment assistance programs in Massachusetts and Virginia?
A: Yes, both Massachusetts and Virginia down payment assistance programs have income limitations. These limitations vary depending on the specific program and are designed to assist individuals and families with moderate to low-income levels. It is important to review the income guidelines for each program to determine eligibility.

Author – Stan Huxley

Passionate about real estate, Stan Huxley brings a wealth of experience to our articles. With a lifelong career in the industry, Stan’s insights, tips, and expert advice empower readers to navigate the world of real estate confidently. Whether you’re a homebuyer, seller, or investor, Stan is your trusted guide to making informed decisions.

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