Qualifications
To participate, you must:
First-Gen
Be a first-generation homebuyer
Household Income
Have a minimum household income of $45,000 per year
Take Classes
Graduate from MAHA's or another CHAPA-approved first-time homebuyer class
Mortgage Ready
Be mortgage-ready, with a minimum credit score of 640
Area Median Income
Earn 100% or less of the area median income for your household size and county
Live in MA
Be a Massachusetts resident
Once enrolled, you must attend eight hours of financial literacy sessions via Zoom and save $2,000 into the STASH savings account opened for you with Eastern Bank. You cannot have an offer accepted or a purchase and sale agreement on a home before completing the program, which you can finish in as little as one month.
Frequently Asked Questions
If you have any more questions, comments, or concerns, please email us at stash@mahahome.
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A first-generation homebuyer is someone who, along with their parents and spouse (including their spouse's parents), has never owned a home in the US or has lost a home due to foreclosure in the US.
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- Photo ID
- Verification of income: one month's worth of recent pay stubs
- Recent pay stub, SSI/SSDI or retirement, court-ordered child support for all household members earning income
- One recent bank statement (savings and checking - assets not to exceed $75,000)
- Two years of tax returns
- For self-employed applicants: Schedule C 1040 form net profit or loss statement (previous 2 years: 2021 & 2022)
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STASH is an example of race-conscious public policy. Massachusetts has one of the worst racial homeownership gaps in the nation. STASH is intentionally for those who don’t have the “Bank of Mom and Dad” that can help them achieve homeownership. Already we’re seeing results, out of the 245 STASH graduates who have bought homes 97% are people of color.
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The matching grant is up to $20,000 in Boston, and up to $5,000 in Salem (depending on mortgage type, and other downpayment assistance received).
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Participants attend 8 hours of financial literacy education, hearing from presenters and working towards their goal of homeownership in a community with other first-generation homebuyers. The program can be completed in 2 weekend sessions or 2 weekday sessions.
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Applicants must be referred by one of our partner agencies:
- Housing Assistance Corporation Cape Cod
- Merrimack Valley Housing Partnership
- Way Finders Inc
- NeighborWorks Housing Solutions
- Harborlight Homes
- Valley CDC
- Lawrence Community Works
- Massachusetts Affordable Housing Alliance
- Urban Edge