MAHA-STASH First-Gen Home Program Application - Part 1

We are now accepting applications for the MAY 2024 Cohort. Applications will be reviewed upon receipt, seats for this program are limited.
WELCOME
MAHA-STASH First-Gen Home Program is a matched savings program for first-generation first-time homebuyers in Massachusetts. This program is going statewide from now to December 2024. Saving Towards Affordable Sustainable Homeownership (STASH) program focuses on financial literacy topics that are essential to the homebuying journey. STASH equips graduates with confidence, knowledge, and resources to make informed choices about buying their first home. Participants who complete all program requirements and find a suitable home ANYWHERE in the state of Massachusetts will become eligible to receive a $20,000 grant based on availability of funds. Funds are first come first serve, not guaranteed.
STASH graduates MUST use the grant funds towards the mortgage transaction. STASH grant funds are stackable with other grants, first-time homebuyer loan products offered by Massachusetts Housing Partnership ONE or ONE+ Boston, MassHousing mortgage products, MassDreams, city and local grants along with many others forms of assistance, if you are eligible.
Note: When applying to MAHA-STASH First-Gen Home Program you cannot have an offer on a home accepted or a home under a purchase and sale agreement or plan to secure a home before completing the program requirements. The program is designed in a manner that allows participants to complete the program in as little as a month, depending on the applicant's own homebuying timeline and while grant funds are available.
Required Documents
Prior to starting your application, please have the following up -to date required documents available as you will be asked to upload the following listed below. For Applicant: First-Time Homebuyers 101 Course Certificate of Completion, Credit Score reflection of 640 or above from a reputable source (Myfico, TransUnion, Experian, Equifax), Front copy of Driver's License or Passport, 2 Most Recent Paystubs from current employer, 1 Bank statement reflection of $3,000 Min.(checking/savings) and proof of any other income (SSI/SSD, Child support, etc) *Note: A full Credit Report may be asked of you after the reviewal of your application. ​**All Self Employed Applicants must submit 2-year Schedule C Net Profit and Loss Statements (2022 and 2023) Household Contributors of Applicant may be requested to submit additional proof of employment documents.
Preliminary Eligibility
In order to be eligible to participate in the MAHA-STASH First-Gen Home Program you must meet all following requirements. ONLY submit an application if you meet ALL requirements below. If you are determined to be eligible based upon a review of your application, you will be notified and placed on our waitlist.
1. You have graduated from a first-time homebuyer class (CHAPA approved agency) PRIOR to enrolling in the program. If you have not completed this course, you are not eligible for the program.
2. You are a first-generation homebuyer. First-Generation is defined as home buyers and their spouse whose biological parents or stepparents do not own a home (condo, single or multifamily home) in the U.S or have lost their home due to foreclosure. You will be asked to sign an affidavit once you are accepted to the program to attest during your lifetime your parents have not owned a home within the U.S. Note: This information is public record.
3. You earn a minimum of $45,000.00 per year per household​ or more but does not exceed the 100% area median income for household (Refer to MHP.net ONE Mortgage Income Limits)
4. You have at least $3,000 saved. A Bank statement reflecting these funds are required.
5. You have liquid assets less than $75,000 at time of application. ​This does not include monies in 401K, 403Bs and Traditional IRA accounts.
6. You aim to buy a home within 14 months of participating in this program​ (Ending December 2024) *Clients can complete the program in one month and become eligible for the matched funds. This depends on determination and home buying timeline
Do you meet ALL the requirements stated above?
Thank you for your interest in the STASH program. At this time you are not eligible to apply. Note: If you meet some of the requirements and need clarification. Feel free to email stash@mahahome.org