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.

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.

First Time Buyer / Down Payment Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time buyer required (no ownership in past 3 years). On credit, the program states: 680 minimum FICO per City of Taunton underwriting standards. A homebuyer education course is required, through Pro-Home, Inc., NeighborWorks Housing Solutions, and other HUD-approved/CHAPA-certified counseling agencies. Residency requirement: Property must be located in the City of Taunton and used as the borrower's primary residence. Citizenship or immigration status: U.S. citizen or eligible non-citizen per first-mortgage product and HUD HOME rules. First-time buyer required (no ownership in past 3 years). Property must be located in the City of Taunton and used as principal residence. Buyer must complete CHAPA-approved homebuyer education and obtain pre-approval. Loan is 0% deferred, repayable on sale, refinance, transfer, or loss of owner-occupancy. Awarded first-come, first-served. Funded by HUD HOME and CDBG via the City's Annual Action Plan. Maximum FICO 680.

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.

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.

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

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