Down Payment Assistance

Down Payment Assistance is a deferred second loan for homebuyers in Great Barrington, Massachusetts. The Great Barrington Affordable Housing Trust Fund (GBAHTF), established by Town Meeting vote in May 2017 under MGL Chapter 44 Section 55C, provides up to 10% of the purchase price (max $25,000) as a 0% interest no-payment loan to income-qualified first-time homebuyers purchasing in the Town of Great Barrington. The Trust also operates rental assistance, ADU assistance, and home-rehab programs. The DPA program is intended to be stackable with state and federal programs to maximize affordability in Berkshire County's high-cost market. 0% interest no-payment loan of up to 10% of purchase price (capped at $25,000) for income-qualified first-time homebuyers purchasing in the Town of Great Barrington. Funded by the Great Barrington Affordable Housing Trust Fund (established by 2017 Town Meeting under MGL Ch.44 Sec.55C). Loan is repayable upon sale, refinance with cash-out, or transfer. combinable with other programs including MassHousing FTHB, ONE Mortgage, and FHLBank Boston grants. Funding comes from Local Government, Affordable Housing Trust Fund, and Private.

Down Payment Assistance provides assistance worth 10% of the purchase price, as set by the program. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Down Payment Assistance is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by 0% interest no-payment loan and principal repayable in full upon sale, refinance with cash-out, transfer of title, or loss of primary-residence status. The assistance is recorded in 2 position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Down Payment Assistance is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time homebuyer (no ownership in prior 3 years) or displaced homemaker. On credit, the program states: Determined by first-mortgage lender. A homebuyer education course is required, through Construct, Inc. (Berkshire County HUD-approved housing counseling agency); 8-hour pre-purchase certificate required. Residency requirement: Property must be in Town of Great Barrington and the buyer's primary residence. Citizenship or immigration status: U.S. citizen or eligible non-citizen per municipal rules. First-time homebuyer (no ownership in prior 3 years); income-qualified household (typically at or below 100% AMI for the Pittsfield HMFA, approx $71,050 1-person to $133,980 8-person FY26); property must be in Town of Great Barrington and the buyer's primary residence; complete HUD-approved homebuyer education through Construct, Inc.; no minimum credit score set by Trust (lender-determined).

Down Payment Assistance limits household income to 100% of the area median income, which varies by county and household size. Household income at or below 100% AMI Pittsfield HMFA (Berkshire County): ~$71,050 1-person; $81,200 2-person; $91,350 3-person; $101,500 4-person; up to ~$133,980 8-person (FY26). The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Down Payment Assistance caps the purchase price as follows: No fixed cap; loan capped at lesser of 10% of purchase price or $25,000. Eligible property types include Single-family detached, Townhouse, and Condominium. New construction is eligible. Manufactured homes are not eligible.

Down Payment Assistance serves homebuyers purchasing in Great Barrington, Massachusetts.

Applications for Down Payment Assistance go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Trust Fund Board reviews applications on a rolling basis; awards subject to Trust appropriation. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.