First-Time Homebuyer Downpayment Assistance Loan Program

First-Time Homebuyer Downpayment Assistance Loan Program es un préstamo condonable para compradores de vivienda en Salem, Massachusetts. The City of Salem First-Time Homebuyer Downpayment Assistance Loan Program (FTHB), administered by the Salem Department of Planning and Community Development (DPCD), provides 0% interest, deferred, forgivable second mortgages for low- and moderate-income first-time buyers purchasing a condo, single-family, or 2-4 unit home in Salem. Salem's program matches the buyer's down payment up to $6,500, with an additional $1,000 available to those who complete CHAPA homebuyer counseling, for a total maximum of $7,500. The loan is forgiven after 10 or 15 years of owner-occupancy (term depends on amount). Funded via HUD HOME, CDBG, and Community Preservation Act funds. Due to limited capacity, FY26 applicants are being placed on a waitlist. Up to $6,500 in matching down-payment assistance, plus an additional $1,000 for buyers who complete a CHAPA-certified homebuyer counseling course (total up to $7,500). Provided as a 0% interest, deferred, and forgivable second-mortgage loan, forgiven after 10 or 15 years of continuous owner-occupancy (term depends on assistance amount). Los fondos provienen de HOME, CDBG, CPA, Federal y Local Government.

First-Time Homebuyer Downpayment Assistance Loan 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 after 10 or 15 years of continuous owner-occupancy y unforgiven balance due upon sale, transfer, refinance with cash-out, or loss of owner-occupancy during the affordability 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.

First-Time Homebuyer Downpayment Assistance Loan 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; single-parent and displaced-homeowner (divorce/legal separation) exceptions apply per Salem policy. 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 North Shore CDC, Harborlight Homes y other CHAPA-certified counseling agencies. Requisito de residencia: Property must be located in the City of Salem and used as the borrower's primary residence. Ciudadanía o situación migratoria: U.S. citizen or eligible non-citizen per first-mortgage product and HUD HOME rules. First-time buyer required (no ownership in past 3 years); single-parent and divorced/legally-separated displaced homeowner exceptions per Salem policy. Buyer's liquid assets cannot exceed $50,000. Property must be located in the City of Salem and used as principal residence. Eligible properties include condominium, single-family, or 2-4 unit owner-occupied home. Matching funds required. Forgivable after 10 or 15 years (term depends on assistance amount). Apply via pre-qualification form to be placed on a waitlist; due to limited capacity all FY26 requests including emergencies are being placed on a waitlist. Program is funded with HUD HOME, CDBG, and Community Preservation Act funds.

First-Time Homebuyer Downpayment Assistance Loan 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 Boston-Cambridge-Newton HMFA (FY2025): approx. 1-person $91,200 to 8-person $151,100. 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 Homebuyer Downpayment Assistance Loan Program limita el precio de compra a $1.0M. 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 Homebuyer Downpayment Assistance Loan Program atiende a compradores de vivienda que compran en Salem, Massachusetts.

Las solicitudes de First-Time Homebuyer Downpayment Assistance Loan 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 Pre-qualification form required; applicants placed on waitlist (FY26 waitlist active due to limited capacity). 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.