Neighborhoods First - First-Time Homebuyer Assistance Program

Neighborhoods First - First-Time Homebuyer Assistance Program is a deferred second loan for homebuyers in New Bedford, Massachusetts. Neighborhoods First is the City of New Bedford's longstanding HUD HOME-funded down-payment and closing-cost assistance program for low-income (<=80% AMI) first-time homebuyers. It functions as a 0% interest deferred-payment second mortgage and is administered by the New Bedford Office of Housing & Community Development. The program operates alongside the larger ARPA-funded Enhanced FTHB Program (up to 120% AMI). HUD HOME-funded down-payment and closing-cost assistance up to $10,000 for income-eligible (<= 80% AMI) first-time homebuyers purchasing within the City of New Bedford. Structured as a 0% interest deferred-payment second mortgage repayable upon sale, refinance with cash-out, or loss of primary residence. subject to HUD HOME affordability period (typically 5-15 years depending on subsidy amount). Funding comes from HOME, Federal, and Local Government.

Neighborhoods First - First-Time Homebuyer 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 Deferred 0% second-mortgage repayable upon sale, refinance with cash-out, transfer of title, or loss of primary-residence status and recapture per HUD HOME affordability rules. 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.

Neighborhoods First - First-Time Homebuyer 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 homebuyer (no ownership in prior 3 years) or displaced homemaker. On credit, the program states: First-mortgage lender determines; typical 620-640 floor. A homebuyer education course is required, through HUD-approved homebuyer-education provider (PACE, NeighborWorks Southern Mass); pre-purchase education and post-purchase session required. Residency requirement: Property must be in City of New Bedford and buyer's primary residence for the HUD HOME affordability period. Citizenship or immigration status: U.S. citizen or eligible non-citizen per HUD HOME rules. First-time homebuyer (no ownership in prior 3 years); household income at or below 80% AMI New Bedford HMFA (approx. $61,350 1-person to $115,650 8-person FY26); property in New Bedford as primary residence; HUD HOME affordability covenant (5-15 years based on subsidy); HUD HQS / lead-safe inspection; complete HUD-approved homebuyer education.

Neighborhoods First - First-Time Homebuyer 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% AMI New Bedford HMFA: ~$61,350 1-person, $70,100 2-person, $78,850 3-person, $87,600 4-person, up to ~$115,650 8-person (FY26). The limit applies to total household income, not only the borrower&rsquo;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.

Neighborhoods First - First-Time Homebuyer Assistance Program caps the purchase price as follows: Subject to HUD HOME 95% area median purchase price limits for the New Bedford HMFA. Eligible property types include Single-family detached, Two-family, Three-family, and Condominium. New construction is eligible. Manufactured homes are not eligible.

Neighborhoods First - First-Time Homebuyer Assistance Program serves homebuyers purchasing in New Bedford, Massachusetts. The program targets specific areas: City of New Bedford with focus on HUD-designated CDBG / Neighborhood Strategy areas.

Applications for Neighborhoods First - First-Time Homebuyer 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 upon HCD application with lender 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.