Down Payment Assistance

Description

Receive up to $30,806 in grant funds towards your down payment, closing costs, homebuyer counseling, and single premium mortgage insurance for qualified first-time homebuyers.

Assists eligible homebuyers with up to 10% of the sales price or up to $25,000 (lesser of the two) in grant funds toward your down payment and closing costs!

Eligibility

• Qualification based upon income levels¹
• For owner-occupied primary residence only
• Program is for first-time homebuyers

• Qualification based upon income levels²
• For owner-occupied primary residence only
• Home purchase price limits³
• Program is not limited to first-time homebuyers

 Requirements

• Grants are available on a first-come, first served basis.
• First-time homebuyer recipients must attend homebuyer education/counseling program.
• $500 minimum homebuyer down-payment required (EBP), 3% down payment (HOW).
• Interest would not accrue on the grant. Proceeds would only be due if the property is sold within the first five years of home ownership.

  All loans are subject to credit approval. Property insurance is required. Programs are offered for a limited time and funds are awarded on a first-come, first-served basis — not guaranteed or reserved in advance. Member of and funded by FHLBBoston.
  1) Buyers eligible to receive assistance through the EBP are individuals and households earning no more than 80 percent of the area median income, based on their future address. The program must include pre-and post-purchase counseling. Interest would not accrue on the grant and the grant is forgivable after five years from the date of the loan closing on your primary residence. 
  2) Buyers eligible to receive assistance through the HOW are individuals and households earning more than 80 percent and up to 120 percent of the area median income address of their new home. For first-time homebuyers pre- and post-purchase counseling is required. Interest would not accrue on the grant and the grant is forgivable after five years from the date of the loan closing on your primary residence. 
  3) Home purchase price limits are based on the Average Area Purchase Prices for Mortgage Revenue Bonds from 26 CFR 6a. 103A-2: Qualified mortgage bonds and are also revised annually. For 2023, the program will utilize Rev. Proc. 2023-22.