Homebuyer Program

Homebuyer Program is a forgivable loan for homebuyers in Fall River, Massachusetts. The Fall River Community Development Agency (CDA) Homebuyer Program offers up to $10,000 in down-payment and closing-cost assistance to income-qualified first-time buyers purchasing 1-4 unit homes (including condominiums and modular homes) within the City of Fall River. Funded with HUD HOME funds, the program is structured as a low-interest loan that becomes a grant (forgiven) after a specified period of owner-occupancy. Applicants must have a minimum FICO 650, at least $3,000 cash post-closing but no more than $25,000 in assets, and must complete a HUD-approved homebuyer course. Apply through the CDA at 508-679-0131. Up to $10,000 in down-payment and closing-cost assistance for income-qualified first-time buyers purchasing 1-4 unit homes (including condominiums and modular homes) in Fall River. Provided as a low-interest loan that becomes a grant after a specified period of homeownership (forgiven over time). Funding comes from HOME, CDBG, Federal, and Local Government.

Homebuyer Program offers up to $10,000 in assistance. Homebuyer contribution: Buyer must have at least $3,000 cash post-closing; lender contribution requirements apply. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Homebuyer Program is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Forgiven after the specified affordability period of owner-occupancy and unforgiven balance due upon sale, refinance with cash-out, transfer, or loss of owner-occupancy. 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.

Homebuyer 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: 650 minimum FICO required. A homebuyer education course is required, through Fall River / New Bedford Housing Partnership (FRNBHP) and other HUD-approved/CHAPA-certified counseling agencies. Residency requirement: Property must be located in the City of Fall River 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. Buyer must have at least $3,000 cash post-closing but no more than $25,000 in liquid assets. Minimum FICO 650. Income limit 80% HUD AMI for the Providence-Warwick MA-RI HMFA. Property must be located in Fall River and used as principal residence. Buyer must complete a HUD-approved first-time homebuyer course prior to closing. Single-family, condominium, modular home, or 2-4 unit dwelling permitted. Loan is funded with HUD HOME funds passed through the Fall River CDA.

Homebuyer 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 Providence-Warwick MA-RI HMFA (FY2025): approx. 1-person $23,600 (30% AMI tier) to 8-person $118,700 (80% AMI). 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.

Homebuyer Program caps the purchase price at $775,000. Eligible property types include Single-family detached, Condominium, Modular home, and 2-4 unit owner-occupied. New construction is eligible. Manufactured homes are eligible.

Homebuyer Program serves homebuyers purchasing in Fall River, Massachusetts.

Applications for Homebuyer 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 Fall River CDA upon completion of HUD-approved homebuyer course and pre-approval. 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.