Down Payment Assistance Program
BayCoast Mortgage’s Down Payment Assistance program offers dollar-for-dollar matching funds of up to $10,000 for qualifying first-time home buyers purchasing in eligible Massachusetts and Rhode Island communities.
Or call 877-646-0800 to schedule a conversation!
About BayCoast’s DPA Program
- Borrowers must meet income and purchase limits
- Learn if you’re eligible as soon as you apply
- Qualified borrowers will receive DPA funding details at the time of application
- Funds for eligible borrowers will be available at closing
Eligible Cities & Towns:
Bristol County
Norfolk County
Plymouth County
Worcester County
Bristol County
Kent County
Newport County
Providence County
Have Questions? Let’s Talk!
Our mortgage experts are ready to walk you through further details of our down payment assistance program so you can decide if it’s the perfect fit for you.
Tier I = Up to $10,000. Deferred. No monthly payments or interest accrual. Second mortgage to be forgiven after 5 years if the first mortgage loan is paid on time and property remains owner occupied. If sold within the 5 years, payback of funds is required on a pro rata basis of 20% for each year remaining of the 5 years. Tier II = Up to $10,000. Monthly payments are deferred for the first 5 years. Loan repayment commences at year 6, interest-free for the remaining 10 years. If home is sold within the first 5 years, the Second Mortgage will need to be paid off in its entirety. New Jersey—BayCoast Mortgage Company, LLC, 330 Swansea Mall Drive, Swansea, MA 02777, 877-466-2678, Licensed Mortgage Banker- NJ Banking and Insurance Department. New Hampshire—Licensed by the New Hampshire Banking Department #19631-MB. Rhode Island—Rhode Island Licensed Lender. Virginia—BayCoast Mortgage Company, LLC, NMLS #1082048 (http://www.nmlsconsumeraccess.org/). Exempt from licensing in MA, CT, PA, MD, NC, SC, and FL. All loans are subject to credit approval.
