Avidia Bank + MassDREAMS.
Avidia Bank is excited to be a participant bank of the MassDREAMS grant. This grant will help many succeed in finally owning their own home.
What is MassDREAMS
The MassDREAMS grant (or Delivering Real Equity and Mortgage Stability) was created by MassHousing and the Mass Housing Partnership (MHP) to help residents living in the Massachusetts communities that were economically affected the most by COVID-19. This grant is made possible by federal funding from the American Rescue Plan Act of 2021, which provides assistance to states to mitigate the economic effects of the pandemic.
This grant offers up to $50,000 in down payment, closing cost, and other mortgage assistance to first-time homebuyers utilizing a first mortgage product from MassHousing or an MHP ONE home loan to purchase a primary residence. A primary residence can be considered a single-family home, condominium or 2-, 3- or 4-family home.
Individuals must currently reside in the following Massachusetts communities, though you can purchase a home anywhere within the state: Attleboro, Barnstable, Boston, 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.
The amount of grant funds you qualify for is dependent on your income compared to the median income of the community in which you currently live. In addition to income qualifications, to be eligible to receive MassDREAMS grant funds, borrowers must attend an approved homebuyer counseling course.