Down payments are the Mt. Everest of mortgages. (Yeah, we thought it was the paperwork, too.)
But what if someone handed you up to $25,000 to help you reach the summit?
That’s exactly why UMassFive College Federal Credit Union recently teamed up with Member Advantage Mortgage and MassHousing to host an event that 25 house-curious people attended. The topic? Homeownership affordability in Massachusetts (without selling a kidney).
Gary Talbot from Member Advantage Mortgage and Oneida Fuentes from MassHousing walked attendees through the financing options that exist specifically to tackle those intimidating upfront costs. Think of it as a masterclass in “programs you probably didn’t know existed but definitely should.”
“Homeownership continues to be one of the most effective ways for individuals and families to build long-term financial stability,” explained Craig Boivin, VP of Marketing at UMassFive. “Events like this allow us to connect people directly with programs and resources that can make a real difference in their ability to buy a home.”
The Program Details (Because the Devil’s in Them)
MassHousing’s expanded statewide Down Payment Assistance program is available through July 31, 2026, and eligible borrowers can snag up to $25,000 in assistance with a 0% interest rate and deferred payment terms.
That’s the real problem, according to Boivin. “Many first-time buyers are surprised to learn that programs like this exist. Part of our role is making sure people know what’s available and helping them understand how to take advantage of it when the time is right.”
To learn more about the MassHousing Down Payment Assistance program and whether you might qualify, visit umassfive.coop/mahousing for details.