Down Payment Assistance
This project is funded by the
Town of Great Barrington through the Community Preservation Act.
• Down payment assistance loans, up to 10% of the purchase price of the home (to a maximum of $25,000), will be given to homebuyers who qualify with participating banks. This loan can be combined with other programs, such as first time home buyer programs and Federal Home Loan Bank grants.
• The loans will be on a first-come, first-served basis — with a proven mortgage commitment from a participating lender.
• Homebuyers must agree to repay the loan in full when the house is sold or transferred, unless the selling price is less than 90% of the original purchase price of the house.
• Applicants do not need to live in Great Barrington, but the home being purchased must be located in Great Barrington and used as their principal residence.
• Maximum qualifying purchase price of a home is $300,000.
• Households can make no more than 100% of Area Median Income.
• Standard secondary market underwriting criteria determined by participating lender.
• Borrowers cannot own any other residential properties.
• Homebuyer counseling must be completed by borrowers if they are a first-time homebuyer.
• Multi-family homes of up to 4 units qualify, but it must include an owner-occupied primary residence.
Income Limits per Household
(100% of Area Median Income*)
1 person - $55,230
2 person - $63,120
3 person - $71,010
4 person - $78,900
5 person - $85,212
6 person - $91,524
7 person - $97,836
8 person - $104,148
• Adams Community Bank — Contact Jackie McNinch:
• Berkshire Bank — Contact
Louann Harvey: 413-644-3537
• Greylock Federal Credit Union — Contact Erin Carlotto: 413-347-6114
• Lee Bank — Contact
Bonnie Masefield: 413-243-9290
• NBT Bank — Contact Jay Bianchi: 413-281-9836
• The Pittsfield Cooperative Bank — Contact Frances Premerlani:
• Total Mortgage — Contact Alesia Warner: 860-806-0009
• Salisbury Bank — Contact
Spring Burke: 860-596-2533
* As defined by the Community Preservation Coalition Guidelines