Navigating Homebuyer Assistance in Bourne, MA

If you have been keeping an eye on the market for buying a home in Bourne, you already know the story: inventory is tight and prices have climbed. For many potential buyers, the monthly mortgage payment isn’t the only hurdle – it’s coming up with the cash for a down payment and closing costs.

Here is the good news that often gets lost in the headlines: you do not have to figure this out entirely on your own. There is a common misconception that financial assistance is only for very low-income households. In reality, many programs in Bourne and Barnstable County are designed for moderate-income earners – teachers, nurses, tradespeople, and service workers who keep our community running.

We are going to walk through the three main “buckets” of money available to help you bridge the gap: local funds specifically from the Town of Bourne, regional help from Cape Cod agencies, and statewide Massachusetts programs.

Bourne Affordable Housing Trust (BAHT) Programs

One of the biggest advantages of looking in this specific zip code is the Bourne Affordable Housing Trust. While many towns talk about affordability, Bourne has put actual dollars behind it to help locals get into homes.

The Trust offers a Down Payment and Closing Cost Assistance Program that is distinct from state options. Generally, eligible buyers can receive up to 5% of the purchase price or $12,000, whichever is less. This can be used to cover that initial down payment hurdle or the closing costs that often surprise first-time buyers.

Fixing Up Older Homes

Bourne has its fair share of older, charming properties that might need a little work. The Trust understands this. On top of acquisition help, there is potential funding available – sometimes up to $8,000 – for necessary repairs that meet state standards. If you are looking at a house that needs a new roof or heating system updates to be livable, this is a game-changer.

What You Need to Know

This isn’t a “free ride” – the town wants to see that you are invested too. Buyers typically need to contribute some of their own funds toward the purchase, often retaining about $3,750 in their own savings post-closing to ensure they have a rainy-day fund. Also, keep in mind that some funds are tied to the “Ready Buyer List” for specific deed-restricted homes, aimed at keeping stock affordable for the next generation of Bourne residents.

Cape Cod & Barnstable County Assistance

Once you look beyond the town borders, your next stop should be the Housing Assistance Corporation (HAC). Based in Hyannis, they are the primary housing agency for all of Barnstable County, including Bourne.

HAC is essentially the clearinghouse for regional gap funding. They administer various down payment assistance programs and often manage the lotteries for affordable condos or developments that pop up in the region. If there is a new affordable development being built, HAC is usually the entity accepting applications.

Perhaps the most valuable resource HAC offers is knowledge. They are the local HUD-approved counseling agency. To access almost any of the grants or loans mentioned in this article, you will likely need to complete their First-Time Homebuyer Education course. It is smart to take this class before you even start looking at listings.

Massachusetts State Programs: MassHousing & MHP

At the state level, Massachusetts offers two heavy hitters that work exceptionally well for buyers in Bourne. These are loan programs that often come with built-in down payment assistance or interest rate subsidies.

MassHousing Mortgage

MassHousing is popular because it is flexible. They offer a down payment assistance option that can provide up to $15,000 or 5% of the purchase price. A unique feature of MassHousing is “MI Plus” – mortgage insurance that includes payment protection. If you lose your job, this insurance helps cover your mortgage payments for a set period. It is a great safety net for buyers nervous about the economy.

MHP ONE Mortgage

The Massachusetts Housing Partnership (MHP) ONE Mortgage is often called the “gold standard” for low-to-moderate-income buyers. It is designed to maximize your buying power.

• Low Down Payment: You typically only need 3% down (and only 1.5% of that needs to be your own money).
• No PMI: This is the big one. Private Mortgage Insurance (PMI) can cost hundreds of dollars a month. The ONE Mortgage eliminates it completely.
• Fixed Rates: The interest rates are typically lower than the standard market rate.

While MHP has slightly stricter income and asset limits than MassHousing, the monthly savings from having no PMI are significant.

Federal Loans: USDA, FHA, and VA

Because Bourne has a unique geography – straddling the bridge and extending into quieter villages – it qualifies for programs that urban buyers in Boston or Worcester can’t get.

USDA Rural Development

This is a massive advantage for Bourne. The USDA offers loans for homes in designated “rural” areas, and large parts of Bourne currently fit this definition. The headline benefit of a USDA loan is 0% down payment. For moderate-income buyers who have good credit and stable income but haven’t saved a huge nest egg, this allows you to buy a home with almost no money down.

FHA and VA Options

• FHA Loans: These are the standard go-to for buyers with lower credit scores. They require 3.5% down. While they are solid, they do come with permanent mortgage insurance, so compare them against MHP ONE first.
• VA Loans: If you are a veteran or active service member, the VA loan is almost always your best bet. It offers 0% down and no monthly mortgage insurance.
• FHLB Grants: Ask your local lender about “Equity Builder” or “Housing Our Workforce” grants. These are funds provided by the Federal Home Loan Bank through member banks (usually local savings banks) that can provide significant chunks of cash for down payments.

Eligibility: Income Limits and First-Time Status

You might be wondering if you actually qualify for all this. While every program has its own fine print, they generally look at a few common metrics.

Who is a “First-Time Buyer“? In the world of real estate assistance, a first-time homebuyer is usually defined as someone who has not owned a primary residence in the last three years. So, if you owned a home five years ago but have been renting since, you likely qualify again. Exceptions are also made for displaced homemakers.

Area Median Income (AMI) Most programs cap eligibility based on the Area Median Income for Barnstable County.

• 80% AMI: Programs like MHP ONE generally target this group.
• 100% AMI: MassHousing and some USDA loans can go higher.
• The Numbers: While these change annually, 100% of the AMI for a four-person household in Barnstable County is roughly around $136,700. If your household earns less than that, you should absolutely be checking for assistance.

Asset Limits These programs are for people who need the cash, not for people sitting on a gold mine. There is usually a “liquid asset cap” – for example, you might not qualify if you have more than $75,000 in checking/savings, excluding retirement accounts.

Step-by-Step Application Process in Bourne

If you are ready to get serious about the Massachusetts homebuying process, do not just jump into open houses. Following the right order of operations saves you stress.

• Take the Class: Sign up for the Homebuyer Education Class with HAC or a similar agency. The certificate is your “ticket” to apply for funds.
• Find the Right Lender: Not all lenders work with MHP, MassHousing, or the Bourne Trust. Ask your loan officer specifically if they are experienced with these programs.
• Check Local Grants: Before you lock in a loan, verify your eligibility with the Bourne Affordable Housing Trust. Those funds are specific to the town and can be layered with state loans.
• Go Shopping: Once you know your budget – including the grants you qualify for – you can hunt for homes with confidence.

Frequently Asked Questions