First Time Buyer / Down Payment Assistance Program

What is First Time Buyer / Down Payment Assistance Program?

First Time Buyer / Down Payment Assistance Program is a deferred second loan for homebuyers in Taunton, Massachusetts.

• The City of Taunton First Time Buyer / Down Payment Assistance Program, administered by the Office of Economic and Community Development (OECD), provides 0% interest deferred-payment second mortgages to income-qualified first-time buyers purchasing in Taunton. Funded by HUD HOME and CDBG funds passed through the City under its Annual Action Plan, the program assists low-to-moderate-income buyers with down-payment and closing-cost needs for 1-3 unit homes. Buyers must complete CHAPA-approved homebuyer education and meet a 680 minimum FICO requirement. Awards are first-come, first-served as funds are available.
• Down payment and closing-cost assistance for income-qualified first-time buyers purchasing 1-3 unit homes in Taunton. Provided as a deferred-payment 0% interest second mortgage. Awards typically up to $20,000 (subject to availability). Loan is repaid only at sale, refinance with cash-out, transfer, or loss of owner-occupancy during the affordability period.
• Funding comes from HOME, CDBG, Federal, and Local Government.

Do you have to pay it back?

First Time Buyer / Down Payment Assistance 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 Due in full at sale, refinance with cash-out, transfer, or loss of owner-occupancy during the affordability period.
• 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.

Who qualifies?

First Time Buyer / Down Payment Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

First Time Buyer / Down Payment Assistance Program limits household income to 80% of the area median income, which varies by county and household size.

• Household income at or below 80% HUD AMI for the Providence-Warwick MA-RI HMFA (FY2025): approx. 1-person $66,250 to 8-person $124,900.
• 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.

What kind of home can it be used for?

First Time Buyer / Down Payment Assistance Program caps the purchase price at $775,000.

• Eligible property types include Single-family detached, Condominium, and 2-3 unit owner-occupied.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

First Time Buyer / Down Payment Assistance Program serves buyers purchasing in Taunton, Massachusetts.

How do you apply?

Applications for First Time Buyer / Down Payment Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Pro-Home, Inc., NeighborWorks Housing Solutions, and other HUD-approved/CHAPA-certified counseling agencies.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through First-come, first-served via OECD; rolling intake based on availability of HOME/CDBG funds., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.