Down Payment Assistance Program

Down Payment Assistance Program es un segundo préstamo diferido para compradores de vivienda en North Andover, Massachusetts. The North Andover Affordable Housing Trust Down Payment Assistance Program provides up to $30,000 in interest-free, deferred-payment down-payment assistance to income-qualified first-time buyers purchasing a single-family home or condominium in North Andover. Funded with Affordable Housing Trust funds and Community Preservation Act allocations, the program is administered by Bread & Roses Housing in partnership with Centro de Apoyo Familiar (CAF). Applicants must be at or below 100% AMI; the loan is forgiven upon completion of the 10-year affordability term. Repayment is triggered upon sale, transfer, refinance without Trust approval, loss of owner-occupancy, or other term violation within the 10-year period. Up to $30,000 in deferred-payment, interest-free down-payment assistance for income-qualified first-time buyers purchasing a single-family home or condominium in North Andover for use as principal residence. The deferred loan is forgiven upon completion of the 10-year affordability term. Los fondos provienen de CPA, Local Government y AHT.

Down Payment Assistance Program se perdona después de 10 años, así que un comprador de vivienda que se quede ese tiempo no lo devuelve. El reembolso se activa por Forgiven at the end of the 10-year affordability term. Due in full upon sale, transfer, refinance without Trust approval, loss of owner-occupancy, or other term violation during the 10-year period. La ayuda se registra con un gravamen en posición 2. Los términos de condonación y reembolso los fija el programa y pueden cambiar; confírmalos en la página oficial del programa antes de presentar la solicitud.

Down Payment Assistance Program está abierto a compradores de vivienda por primera vez y compradores de vivienda que vivirán en la vivienda como su residencia principal. “Primera vez” tiene excepciones aquí: First-time buyer required (no ownership in past 3 years). Sobre el crédito, el programa indica: Not formally published; lender minimums apply (typically 620+ for conforming/FHA). Se requiere un curso de educación para compradores de vivienda, a través de Bread & Roses Housing, Centro de Apoyo Familiar (CAF) y other HUD-approved/CHAPA-certified counseling agencies. Requisito de residencia: Property must be located in the Town of North Andover and used as the borrower's primary residence for the 10-year affordability period. Ciudadanía o situación migratoria: U.S. citizen or eligible non-citizen per first-mortgage product. First-time buyer required (no ownership in past 3 years). Income limit 100% HUD AMI for Boston-Cambridge-Newton HMFA. Property must be located in North Andover; single-family home or condominium; used as principal residence. Deferred-payment loan is interest-free; no repayment unless the property is sold or transferred, refinanced without Trust approval, no longer used as primary residence, or the borrower otherwise violates terms within the 10-year affordability period. Loan is forgiven at the end of the 10-year term. Applications submitted to Bread & Roses Housing on a first-come, first-served basis until allocated funds are exhausted (annual allocation set by the Trust).

Down Payment Assistance Program limita el ingreso del hogar al 100% del ingreso mediano del área, que varía según el condado y el tamaño del hogar. Household income at or below 100% HUD AMI for Boston-Cambridge-Newton HMFA (FY2025): approx. 1-person $93,800 to 8-person $155,450. El límite se aplica al ingreso total del hogar, no solo al del prestatario. El programa indica un tamaño máximo de hogar de 8. Las cifras del ingreso mediano del área las publica HUD y se actualizan cada año, así que consulta la tabla vigente del condado antes de basarte en una cifra.

Down Payment Assistance Program limita el precio de compra así: Subject to Trust and first-mortgage lender underwriting; affordability tied to 100% AMI debt-to-income. Los tipos de propiedad elegibles incluyen Single-family detached y Condominium. La construcción nueva es elegible. Las viviendas prefabricadas no son elegibles.

Down Payment Assistance Program atiende a compradores de vivienda que compran en North Andover, Massachusetts.

Las solicitudes de Down Payment Assistance Program se tramitan a través de la agencia que administra el programa, que publica los términos vigentes y los pasos de la solicitud en su propio sitio. Los fondos se reservan a través de First-come, first-served via Bread & Roses Housing intake; awards continue until annual Trust allocation is exhausted. Hey Prescott no es un prestamista y no acepta solicitudes; esta página describe el programa para que un comprador de vivienda pueda llevarlo a un prestamista o a un asesor de vivienda.