First-Time Homebuyer Down Payment Assistance Program

First-Time Homebuyer Down Payment Assistance Program is a forgivable loan for homebuyers in Everett, Massachusetts. The City of Everett First-Time Homebuyer Down Payment Assistance Program is an ARPA-funded forgivable second-mortgage program providing up to $20,000 to income-qualified first-time buyers purchasing within the City of Everett. The 5-year forgivable loan is administered by the Department of Planning & Development Housing Division. The Mayor expanded eligibility in 2025 to allow households earning up to 150% AMI and liquid assets up to $100,000. Awards are distributed first-come, first-served by date/time of completed application; multilingual applications are available. Up to $20,000 in forgivable down-payment assistance for income-qualified first-time buyers purchasing a 1-3 unit home or condominium in Everett. The forgivable second mortgage is forgiven 20% per year over 5 years, provided the home remains the buyer's primary residence and program requirements are met. Funding comes from ARPA, Federal, and Local Government.

First-Time Homebuyer Down Payment Assistance Program is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Forgiven 20%/year over 5 years and unforgiven balance due upon sale, refinance with cash-out, transfer, or loss of owner-occupancy during the 5-year forgiveness 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 Homebuyer 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: Not formally published; lender minimums apply (typically 620+ for conforming/FHA). A homebuyer education course is required, through Urban Edge, Metro Housing Boston, and other CHAPA-certified or HUD-approved counseling agencies. Residency requirement: Property must be located within the City of Everett and used as the borrower's principal residence for the 5-year forgiveness period. Citizenship or immigration status: U.S. citizen or eligible non-citizen per first-mortgage product. First-time buyer required (no homeownership in past 3 years). Property must be located in Everett, used as primary residence. Maximum household income up to 150% of HUD AMI for Boston-Cambridge-Newton HMFA. Liquid assets capped at $100,000 (per 2025 program expansion). Forgivable second mortgage at 20% per year over 5 years; if home is sold, refinanced, or no longer primary residence within 5 years, unforgiven balance is due. Funded by FY23 ARPA earmark of $400,000 plus subsequent allocations. Application available in English, Spanish, Portuguese, and Haitian Creole. Distributed first-come, first-served by date/time of completed application.

First-Time Homebuyer Down Payment Assistance Program limits household income to 150% of the area median income, which varies by county and household size. Up to 150% of HUD AMI for the Boston-Cambridge-Newton MSA (FY2025): approx. 1-person $62,340 to 8-person $178,250 across 80%-150% AMI bands. 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 Homebuyer Down Payment Assistance Program caps the purchase price as follows: No published dollar cap; HUD HOME 95% median-value rule applies if HOME-funded portion is layered. 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 Homebuyer Down Payment Assistance Program serves homebuyers purchasing in Everett, Massachusetts.

Applications for First-Time Homebuyer 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 by date/time of completed application; paper applications available at City Planning Department and Everett Public Library locations (Parlin Memorial, Shute Memorial). 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.