First‑Time Buyer Programs That Work In Dedham

Buying your first home in Dedham can feel out of reach when you look at prices and down payments. You’re not alone, and the good news is there are real programs that can lower your up‑front costs and monthly payments. In this guide, you’ll learn which first‑time buyer programs actually work in Dedham, who qualifies, how to stack assistance, and the steps to use them without slowing down your closing. Let’s dive in.

Best programs in Dedham

MassHousing Down Payment Assistance

MassHousing expanded its down payment assistance in 2025, making it more helpful for eastern Massachusetts, including Norfolk County. Eligible first‑time buyers who use a MassHousing first mortgage can access up to $25,000 in assistance, with up to $30,000 for very low income tiers under specified terms. MassHousing also raised income ceilings in eastern Massachusetts, which helps more Dedham buyers qualify. Review the latest details in the MassHousing DPA update and confirm current purchase price limits and repayment terms with your lender.

• Learn more about the expansion: MassHousing’s 2025 DPA update
• Program overview and eligibility: MassHousing DPA

MHP ONE Mortgage

The ONE Mortgage program from the Massachusetts Housing Partnership is a 30‑year fixed loan designed for low and moderate income first‑time buyers. It allows as little as 3 percent down, often without PMI, and includes interest subsidies for qualifying households. You’ll need to complete an approved homebuyer education course and meet asset and credit guidelines that participating lenders will review.

• Program overview: MHP ONE Mortgage
• Additional eligibility details: ONE Mortgage on Mass.gov

FHLB Boston grants: EBP and HOW

The Federal Home Loan Bank of Boston funds two popular grant options delivered through participating banks and credit unions. The Equity Builder Program typically serves buyers at or below 80 percent of area median income, and the Housing Our Workforce program helps households generally between 80 and 120 percent of area median income. You apply through a participating lender, and funds are limited each year, so timing matters.

• EBP program page: FHLB Boston Equity Builder Program
• HOW program page: FHLB Boston Housing Our Workforce
• Local example of a participating bank: Dedham Savings program notice

MassDREAMS (know the limits)

MassDREAMS provides substantial grants for down payment and closing costs when paired with eligible first mortgages, but it is limited to specified Disproportionately Impacted Communities. Dedham is not on the commonly published list, so most Dedham buyers will not qualify unless rules change or the buyer’s current residence is in an eligible community. Always confirm the latest map and rules.

• Program overview: MassDREAMS

How to use them in Dedham

Step 1: Check your eligibility

List your household size, gross income, and liquid assets. ONE Mortgage commonly uses an asset cap and minimum credit guidelines, and MassHousing and FHLB programs have income and purchase limits. A program‑aware lender will compare your numbers to current thresholds.

Step 2: Take homebuyer education

Most state programs require a certified homebuyer education course before closing. Finishing it early keeps your file moving and confirms your eligibility.

Step 3: Talk to participating lenders

Tell local lenders you plan to use MassHousing DPA, MHP ONE Mortgage, or FHLB EBP or HOW. Ask if they are approved for those programs and whether they have current funding available. If you pursue FHLB grants, your lender must reserve funds on a first‑come, first‑served basis.

Step 4: Get pre‑approved and reserve funds

Your lender will issue a pre‑approval and, where needed, lock in DPA or grant dollars. Funding windows can open and close quickly, so start early and keep your lender updated on timing.

Step 5: Write a program‑ready offer

Coordinate with your lender and agent to include clear financing terms. Make sure program funds, education certificates, and required documents will be ready for the commitment date and closing.

Step 6: Close and know your obligations

Some assistance is deferred and repaid when you sell or refinance, while other assistance may have a small monthly payment or a short recapture period. Review your documents so you know what triggers repayment.

Smart combinations and limits

You can often pair a first mortgage program with down payment assistance or grants, subject to each program’s rules. For example, certain grants require pairing with MassHousing or MHP loans. Stacking has caps and documentation requirements, so confirm combinations with your lender before you rely on multiple sources in your offer. When in doubt, ask the lender to outline your full funding stack in writing.

Strengthen your offer with assistance

Using DPA or grants should not derail your purchase if you prepare. Pre‑reserve funds when possible, complete education early, and work with a lender experienced with your chosen program. Ask for a pre‑approval that reflects your assistance and be ready to explain how your financing works to a seller.

Bottom line for Dedham buyers

If you are buying your first home in Dedham, your most practical options are MassHousing DPA, MHP ONE Mortgage, and FHLB Boston’s EBP or HOW grants. These programs can reduce your cash to close and your monthly cost, especially with the 2025 MassHousing expansion in eastern Massachusetts. Start with eligibility, education, and a program‑aware lender, then build a clean, confident offer.

Ready to map the right program to the right home in Dedham? Let’s put a plan together that fits your budget and timeline. Connect with McKenzie Howarth to get started.

FAQs

Which first‑time buyer programs are most accessible in Dedham?

• MassHousing DPA, MHP ONE Mortgage, and FHLB Boston’s EBP or HOW are the most widely used options for eligible Dedham buyers.

How much assistance can I receive for a Dedham purchase?

• MassHousing DPA commonly offers up to $25,000 and up to $30,000 for very low incomes, while FHLB grants often reach about $25,000 depending on the program year and lender.

Is Dedham included in MassDREAMS or ONE+ communities?

• Dedham is not on the commonly published MassDREAMS Disproportionately Impacted Communities list, and ONE+ targets specified municipalities, so most Dedham buyers will use ONE Mortgage or MassHousing DPA instead.

Do I apply directly to FHLB Boston for EBP or HOW grants?

• No, you apply through participating member banks or credit unions, and funds are limited each year on a first‑come, first‑served basis.

Will using DPA or grants delay my closing in Dedham?

• These programs add documentation and timing steps, but an experienced, approved lender can keep your file on track and help you reserve funds early.