First Time Home Buyer Down Payment Assistance Program

First Time Home Buyer Down Payment Assistance Program es un segundo préstamo diferido para compradores de vivienda en Gloucester, Massachusetts. The City of Gloucester First Time Home Buyer Down Payment Assistance Program offers a 0% interest deferred second mortgage of up to $15,000, equal to 50% of the required down payment, to income-qualified first-time buyers purchasing a home within the City of Gloucester. Funded with HUD HOME / CDBG / Community Preservation Act funds via the City's Community Development Department, the program is administered by the Grants Division and pairs with MassHousing, MHP ONE Mortgage, FHA, VA, USDA, and conventional first mortgages. The deferred loan is repaid only when the home is sold, refinanced with cash-out, rented, or no longer the buyer's primary residence. Up to $15,000 in down payment and/or closing cost assistance, equal to 50% of the required down payment, structured as a 0% interest deferred loan. No monthly payments. Loan repaid in full only at sale, transfer, refinance with cash-out, rental, or when home is no longer the borrower's principal residence. Los fondos provienen de HOME, CDBG, CPA y Local Government.

First Time Home Buyer Down Payment Assistance Program es diferido, así que no hay pagos hasta que la vivienda se venda o se refinancie, o se termine de pagar la primera hipoteca. El reembolso se activa por Due in full at sale, transfer of title, refinance with cash-out, rental of property, or when property is no longer the borrower's principal residence. 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.

First Time Home Buyer 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 homeownership in past 3 years); displaced-homemaker and divorced single-parent exceptions per MA standard. Sobre el crédito, el programa indica: 660 minimum for conforming/conventional; 680 for FHA per City underwriting guidelines. Se requiere un curso de educación para compradores de vivienda, a través de CHAPA-certified or HUD-approved homebuyer education required prior to closing; North Shore Community Action Program and other regional CHAPA partners commonly used. Requisito de residencia: Property must be located in the City of Gloucester and used as the borrower's principal residence. Ciudadanía o situación migratoria: U.S. citizen or eligible non-citizen per first-mortgage product and HUD HOME rules. Must be a first-time homebuyer (no ownership in past 3 years). Property must be located in the City of Gloucester and used as principal residence. Award covers up to 50% of required down payment plus closing costs. Minimum 6 weeks from signed P&S agreement is required to process the award. Application is submitted online via the Neighborly portal. Buyer must complete a CHAPA-approved homebuyer education class. Loan is 0% interest, deferred, and repayable on sale, refinance with cash-out, rental, or loss of owner-occupancy. Income limits at 80% of HUD AMI for the Boston-Cambridge-Newton MSA: 1-person ~$82,950 to 8-person ~$156,400. Max FICO 660-680 per Massachusetts municipal underwriting standards (matches MassHousing partner thresholds).

First Time Home Buyer Down Payment Assistance Program limita el ingreso del hogar al 80% del ingreso mediano del área, que varía según el condado y el tamaño del hogar. Household income at or below 80% HUD AMI for the Boston-Cambridge-Newton MA-NH HMFA: 1-person $82,950 to 8-person $156,400 (FY2025 limits, current as of April 2026). 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.

First Time Home Buyer Down Payment Assistance Program limita el precio de compra así: No fixed dollar cap published; subject to first-mortgage and appraisal underwriting and HUD HOME 95% median-value rule. Los tipos de propiedad elegibles incluyen Single-family detached, Condominium y 2-4 unit owner-occupied. La construcción nueva es elegible. Las viviendas prefabricadas no son elegibles.

First Time Home Buyer Down Payment Assistance Program atiende a compradores de vivienda que compran en Gloucester, Massachusetts.

Las solicitudes de First Time Home Buyer 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 Gloucester's Neighborly online portal once buyer has signed P&S; minimum 6-week processing window. 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.