As of Wednesday, November 30, 2022, at 10:00 pm, the MassDreams grant program will be suspended. Due to its popularity and the expertise of lenders like Mortgage Equity Partners, the funds allocated for the grant program have been exhausted.
The MassDreams program provided a forgivable grant for up to $50K, which could be used for up to 5% down payment assistance, and the remaining funds could be used for other costs. In addition, MassDreams could be used in conjunction with other Down Payment Assistance (DPA) programs. It was a program designed for first-time homebuyers in communities disproportionately affected by the COVID-19 Pandemic.
If you were living in one of the disproportionately impacted communities in Massachusetts, you could use the grant funds to move anywhere in Massachusetts.
Mass Housing will honor all requests for a MassDreams grant with an associated valid rate-locked first mortgage made before 10:00 pm on November 30, 2022. Mortgage Equity Partners will not be able to request a MassDREAMS grant on either new or existing locks after this date.
Currently, there is no new appropriation of funds from the Massachusetts state legislature. Therefore, unless and until a new appropriation is made, no additional DREAMS grants are available after November 30.
Should this program be reinstated in the near future, Mortgage Equity Partners will continue to be a participating lender.
The Massachusetts Housing Partnership will continue to offer downpayment assistance programs according to its own program criteria. Our loan officers are qualified to assist with traditional down payment assistance programs and can work with you on other options.
For more information, contact one of our team members today!