The local and state programs listed below are available to help finance homeownership:
SECOND MORTGAGE PROGRAM 
–The Island Affordable Housing Fund administers a soft second loan program for homebuyers leasing from the Island Housing Trust up to $25,000. The 1% loan is payable when the homeowner refinances their house or sells.
AFFORDABLE HOUSING LOAN POOL -The Affordable Housing Loan Pool provides year-round residents of Martha's Vineyard who are low to middle income first-time homebuyers with grants for closing costs and second mortgages with minimum down payment. The Loan Pool is available directly from each of the Martha's Vineyard banks. Grants for closing costs have been made available by the Island Affordable Housing Fund.
MHP - SOFT SECOND LOAN PROGRAM – The Massachusetts’ Soft Second Loan Program gives low and moderate first-time homebuyers increased purchasing power through two mortgages - conventional first mortgage and a subsidized second mortgage. Soft Second Loans are available from approved lenders including Sovereign Bank in Vineyard Haven at (508) 696-4462.
USDA RURAL DEVELOPEMENT DIRECT LOAN PROGRAM - Rural Housing Direct Loans are directly funded by the federal government. These loans are available for low and moderate-income households towards homeownership. Applicants may obtain 100% financing to purchase an existing dwelling, purchase a site and construct a dwelling, or purchase newly constructed dwellings located in rural areas. The purpose is to provide financing at reasonable rates and terms with no down payment. Mortgage payments are based on the household's adjusted income. Rural Development offices are located in West Wareham and can be reached at (508) 295-5151.
MASSADVANTAGE - MassHousing's MassAdvantage Program provides below market financing for purchase or construction of housing for low to middle income households and individuals. MassHousing offices are located in Boston and can be reached at (888) 843-6432.
MUNICIPAL MORTGAGE PROGRAM - MassHousing's Municipal Mortgage Program is specifically designed to help our public servants (police officers, fire fighters, teachers, nurses and other dedicated public servants) buy a home in the city or town were they work, with no downpayment. MassHousing offices are located in Boston and can be reached at (888) 843-6432.
NACA (Neighborhood Assistance Corporation of America) - NACA is a nonprofit corporation whose goal is to stabilize neighborhoods and maximize homeownership opportunities for working people. NACA offers below market interest rate financing with favorable terms for income-qualified households. NACA offices are located in Boston and can be reached at (888) 302-NACA.
