Down Payment & Closing Cost Program

Down Payment & Closing Cost Program is a deferred second loan for homebuyers in Provincetown, Massachusetts. Provincetown's Down Payment & Closing Cost Program is funded by the Town's Community Preservation Act Community Housing reserve and administered by the Provincetown Housing Department. The program is intended to help year-round residents qualifying at the CPA 100% AMI or below afford the down payment and closing costs for purchase of a deed-restricted affordable Provincetown housing unit (LIP unit or equivalent). The loan is fully forgiven after 10 years of continuous primary occupancy. Up to $30,000 per eligible buyer toward down payment and closing costs for the purchase of an eligible deed-restricted affordable unit in Provincetown. Funded by the Town's Community Preservation Act (CPA) Community Housing reserve. Structured as a 0% interest deferred-payment loan. only repayable if the property is sold or transferred within 10 years of closing. Funding comes from Local Government and CPA.

Down Payment & Closing Cost Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off. Repayment is triggered by 0% interest deferred-payment loan and repayable in full only if property is sold or transferred within 10 years of closing. After 10 years, no repayment due. The assistance is recorded in 2 position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Down Payment & Closing Cost Program is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Determined by first-mortgage lender. A homebuyer education course is required, through HUD-approved homebuyer counseling (Housing Assistance Corporation Cape Cod; HAC); 8-hour pre-purchase certificate required. Residency requirement: Year-round Provincetown residency intent; property must be deed-restricted affordable in Provincetown and the buyer's primary residence. Citizenship or immigration status: U.S. citizen or eligible non-citizen per municipal rules. Year-round Provincetown resident or person with documented intention to live year-round; income at or below CPA 100% AMI for the Barnstable Town MSA (FY26 ~$87,010 1-person to $144,188 8-person, with intermediate household sizes); buyer must purchase a deed-restricted affordable unit (LIP/Local Initiative Program or equivalent); primary-residence requirement; property must be subject to a Town affordability deed restriction; complete HUD-approved homebuyer education.

Down Payment & Closing Cost Program limits household income to 100% of the area median income, which varies by county and household size. Household income at or below CPA 100% AMI Barnstable Town MSA: ~$87,010 1-person to ~$144,188 8-person (FY26). The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Down Payment & Closing Cost Program caps the purchase price as follows: Determined by the Town's deed-restricted affordable price for the unit being purchased. Eligible property types include Single-family detached, Townhouse, and Condominium. New construction is eligible. Manufactured homes are not eligible.

Down Payment & Closing Cost Program serves homebuyers purchasing in Provincetown, Massachusetts.

Applications for Down Payment & Closing Cost Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Application accepted via Provincetown Housing Office; awards subject to CPA appropriation availability. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.