Down Payment & Closing Cost Assistance

Buying a home may be one of the largest and most important purchases many of us will ever make. It can also be daunting and costly. We have many resources to assist with down payment and closing costs. Many of these programs are offered on a first-come, first-served basis, so we urge those in need of assistance to contact us as soon as possible while funds remain available.

City of Boston Loans

For income-eligible homebuyers looking for a primary residence in Boston, this loan from the City of Boston’s Department of Neighborhood Development may offer financial help. Following the completion of a special Homebuying 101 class, borrowers can get up to $30,000 for a condo or 1-family, $35,000 for a 2-family, and $40,000 for a 3-family toward down payment and closing costs.

Equity Builder Program (EBP)

Offered through the Federal Home Loan Bank (FHLB) Boston, the Equity Builder Program offers grants to help buyers who are earning up to 80% of the area median income with down payment and/or closing costs. EBP can help make home ownership a reality for local families.  

Housing Our Workforce (HOW)

Also offered through the FHLB, this grant supports borrowers who are essential to the long-term vitality of our local communities to purchase a home in the community where they work. HOW provides income-eligible homebuyers with one-to-one matching grants for down payment.

MassHousing

Income-eligible Massachusetts buyers may qualify for down payment assistance of 10% of the home’s purchase price – up to $50,000 in Boston and the Gateway Cities, or up to $30,000 in other MA communities. Gateway Cities include 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.

Homebuyer Assistance Program

For income-eligible first-time homebuyers purchasing a 1- or 2-family home or condo that will be used as a primary residence, and the home is located in one of the markets served by Dedham Savings or South Shore Bank may be able to assist with down payment costs.

All programs are offered on a first-come, first-served basis, while funds remain available. Individual program restrictions and income limits apply, all loans are subject to credit approval. Click here to learn more or contact Seanna Grant at 781.682.3704 or sgrant@southshorebank.com

All loans subject to credit approval. Program restrictions apply.

Dedham Savings and South Shore Bank are affiliate banks under a common holding company. All Mortgage loans are provided through Dedham Savings. Dedham Savings is Member FDIC, Member DIF, Equal Housing Lender, NMLS #473990. South Shore Bank is Member FDIC, Member DIF, Equal Housing Lender, NMLS #407656