First Time Home Buyer Down Payment Assistance Program

Ang First Time Home Buyer Down Payment Assistance Program ay isang ipinagpalibang pangalawang loan para sa mga bibili ng bahay sa 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. Ang pondo ay mula sa HOME, CDBG, CPA, at Local Government.

Ipinagpaliban ang First Time Home Buyer Down Payment Assistance Program, kaya walang bayarin hanggang maibenta o ma-refinance ang bahay, o mabayaran nang buo ang unang mortgage. Kailangang bayaran kapag may 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. Nakatala ang tulong bilang lien sa posisyong 2. Ang mga tuntunin sa pagpapatawad at pagbabayad ay itinatakda ng programa at maaaring magbago — kumpirmahin ang mga ito sa opisyal na pahina ng programa bago mag-apply.

Bukas ang First Time Home Buyer Down Payment Assistance Program sa mga unang beses na bibili ng bahay at mga bibili ng bahay na titira sa bahay bilang pangunahing tirahan. May mga eksepsiyon dito ang "unang beses": First-time buyer required (no homeownership in past 3 years); displaced-homemaker and divorced single-parent exceptions per MA standard. Tungkol sa credit, sinasabi ng programa: 660 minimum for conforming/conventional; 680 for FHA per City underwriting guidelines. Kailangan ang kurso sa homebuyer education, sa pamamagitan ng CHAPA-certified or HUD-approved homebuyer education required prior to closing; North Shore Community Action Program and other regional CHAPA partners commonly used. Requirement sa paninirahan: Property must be located in the City of Gloucester and used as the borrower's principal residence. Citizenship o katayuan sa imigrasyon: 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).

Nililimitahan ng First Time Home Buyer Down Payment Assistance Program ang kita ng sambahayan sa 80% ng median na kita sa lugar, na nag-iiba ayon sa county at laki ng sambahayan. 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). Nalalapat ang limit sa kabuuang kita ng sambahayan, hindi lang sa kita ng nanghihiram. Nakalista sa programa ang pinakamalaking laki ng sambahayan na 8. Ang mga numero ng median na kita sa lugar ay inilalathala ng HUD at ina-update taun-taon, kaya tingnan ang kasalukuyang talahanayan para sa county bago umasa sa isang numero.

Ganito nililimitahan ng First Time Home Buyer Down Payment Assistance Program ang presyo ng pagbili: No fixed dollar cap published; subject to first-mortgage and appraisal underwriting and HUD HOME 95% median-value rule. Kabilang sa mga kwalipikadong uri ng ari-arian ang Single-family detached, Condominium, at 2-4 unit owner-occupied. Kwalipikado ang bagong gawang bahay. Hindi kwalipikado ang mga manufactured home.

Pinaglilingkuran ng First Time Home Buyer Down Payment Assistance Program ang mga bibili ng bahay sa Gloucester, Massachusetts.

Dumadaan sa ang ahensyang nangangasiwa ang mga aplikasyon para sa First Time Home Buyer Down Payment Assistance Program, na naglalathala ng kasalukuyang mga tuntunin at mga hakbang sa pag-apply sa sarili nitong site. Nirereserba ang pondo sa pamamagitan ng First-come, first-served via Gloucester's Neighborly online portal once buyer has signed P&S; minimum 6-week processing window. Ang Hey Prescott ay hindi nagpapautang at hindi tumatanggap ng aplikasyon; inilalarawan ng pahinang ito ang programa para madala ito ng bibili ng bahay sa isang lender o housing counselor.