Buy Worcester Now Programs

• May be used to purchase condominiums and 1- to 4-family homes.
• Up to 100% financing, 30-year fixed rate payments.
• No first-time homebuyer restrictions.
• Earn up to $107,595 in Worcester County.
• Ample loan limits ($417,000/1-Family, $533,850/2-Family, $645,300/3-Family, $801,950/4-Family).
• Lower monthly mortgage insurance costs.
• Mortgage insurance, if needed, carries up to 6 months of mortgage payment protection if a job loss or layoff occurs.

Some of the Buy Worcester Now Participating Lenders have agreed to participate as a MassHousing lender. This means they will originate and process a MassHousing Loan for you in some cases at a lower interest rate than anywhere in Massachusetts and provide you with allt he stability and features of the MassHousing Loan Program. Click here for more information.

*After your loan closes with the participating lender, your loan payments will be made to MassHousing, a trusted customer-oriented, service provider.

Participating Lenders for the MassHousing Mortgage Program:

• Bank of Canton
• Bay State Savings Bank
• Commerce Bank & Trust
• Country Bank
• Fairway Mortgage Corporation
• Fidelity Bank
• First Eastern Mortgage
• Flagship Bank & Trust
• Millbury Credit Union
• New England Moves Mortgage
• Prospect Mortgage
• Southbridge Savings Bank
• Sovereign Bank
• Webster Five Savings Bank
• Worcester Credit Union

• 100% financing; no down payment required.
• Extended term fixed-rate financing.
• Loans may be used to purchase or refinance a home; you do not need to be a first-time homebuyer to qualify.
• Loans feature mortgage insurance with MI Plus, a unique protection that helps pay the mortgage in case of job loss or deployment.
• Funds are available through the Veterans Administration for accessibility upgrades.

MassHousing’s Home for the Brave loan program provides affordable, no down payment mortgages for veterans of the U.S. Armed Services living in Massachusetts.

Any Buy Worcester Now homebuyer who is a qualified veteran or active member of the military who buys a home with a Participating Lender portfolio loan with MassHousing mortgage insurance will receive a $1,500 closing cost assistance grant.

Visit the Home for the Brave website.

Participating Lenders for the Home for the Brave Loan Program:

• Bank of Canton
• Baystate Savings Bank
• Country Bank
• Fidelity Bank

Some of the Buy Worcester Now Participating Lenders will provide a home purchase loan at a ½ point below market with all the same features as the MyCommunity Loan Program. The only difference is that they will keep these loans rather than sell them to MassHousing.

Participating Lenders for MyWorcester Community Loan Program:

• Bay State Savings Bank
• Flagship Bank
• UniBank

MassWorks is an employer-assisted mortgage program that encourages employers to invest in their employee's home purchase by matching an employer contribution with State funds. These funds are used to lower monthly payments while increasing purchasing power.

Participating Lenders for MassWorks Program:

• Bank of America
• Sovereign Bank
• Webster Five Savings Bank
• Baystate Savings Bank
• Southbridge Savings Bank

Participating Employers for MassWorks Program:

• Assumption College
• Clark University
• College of the Holy Cross
• Worcester Polytechnic Institute (WPI)
• Saint-Gobain

If you’re a first-time homebuyer, you’ll want to learn more about the SoftSecond Loan Program. The SoftSecond Loan Program has helped nearly 500 families in Worcester and 12,000 families statewide purchase their first home.

SoftSecond combines a first and second fixed-rate mortgage from a bank with a small state subsidy that keeps monthly mortgage payments low. Buy Worcester Now Participating Lenders that offer this program also discount your interest rate by up to ½ point.

Participating Lenders for SoftSecond Loan Program:

• Bank of America
• Baystate Savings Bank
• Southbridge Savings Bank
• Sovereign Bank
• Webster Five Savings Bank

NOTE: If your employer is participating in Buy Worcester Now AND you qualify for the SoftSecond Loan Program, you may also qualify for MassWorks. With this program, an employer contribution of up to $5,000 will be matched dollar-for-dollar by the Commonwealth of Massachusetts. This assistance can help you boost your purchasing power, lower your monthly mortgage payments and/or defray any down payment or closing costs. 

For a limited time only, SoftSecond has expanded eligibility and offers rehab funds when a homebuyer purchases a foreclosed property as his/her primary residence if it's in an eligible neighborhood. SoftSecond has waived its first-time homebuyer requirement, raised its income limit to 120 percent of median income and offers rehab funds of up to $20,000 per unit or $40,000 per property.

Funding is through the federal government's Neighborhood Stabilization Program. Read the Funds for Fixer-Uppers Q&A for more details and this Map of Eligible Locations. For more information, go to the
MHP website or contact the NeighborWorks HomeOwnership Center of Worcester at 508-791-2170 or info@hocw.net.

Some of the Buy Worcester Now Participating Lenders will provide loans to help borrowers cover both the cost of purchasing a home in need of repairs, as well as the expense of rehabilitating that property.

The maximum loan amount for a Purchase & Rehab mortgage is 97% of the purchase price, plus rehabilitation costs or the estimated value of the home after rehabilitation (whichever is less). A 3% down payment is required.

To qualify for a Purchase & Rehab mortgage, you must:

• Be a first-time homebuyer.
• Have a signed Purchase and Sale Agreement for a 1- to 4-family home.
• Be creditworthy.
• Have housing debt of less than 33% of your income and total monthly debt of less than 41% of your income.

Participating Lenders for Purchase & Rehab Loan Program:

• Bank of Canton
• Country Bank
• Fidelity Bank
• First Eastern Mortgage
• Soverign Bank
• Spencer Savings Bank
• Webster Five Savings Bank

First-time homebuyers may be eligible to receive up to $10,000 in grants to cover down payment or closing costs. To learn more, contact the NeighborWorks HomeOwnership Center or view the brochure.

The NeighborWorks Home Ownership Center of Worcester is pleased to offer a Home Improvement Loan Program designed to provide home improvement financing to eligible homeowners throughout Worcester County. For many new and existing homeowners, traditional bank financing for home repairs is not an option. The Home Improvement Loan Program can help homeowners with little or no equity complete necessary home repairs.

For more information, please contact the NeighborWorks Home Ownership Center at (508) 791-2170 or download a brochure.

Homebuyers, current homeowners and developers may be eligible to receive grants for the rehabilitation of an eligible property. To learn more, contact the City of Worcester's Division of Neighborhood & Housing Development or view the brochure.