First Time Homebuyers Down Payment Assistance (DPA)
Down Payment & Closing Costs
Deferred Second Mortgage
The Boston Home Center
https://www.boston.gov/departments/neighborhood-development/find-financial-help-owning-home
$0.00
To qualify for the program, you need to plan to buy a one- to three-family residential property or condominiumin Boston. The home must be your primary residency for the term of the loan.YOU ALSO NEED TO:be a first-time homebuyer (you haven't owned a property in the past three years)graduate from ourHomebuying 101 class get a first mortgage pre-approval from one of ourparticipating mortgage lenders. Mortgage loan must adhere to the Fannie Mae general loan limits, have household assets of no more than $75,000 excluding retirement, 401K, and approved IRS savings accountshave a household income that’s no more than 135 percent of the Area Median Income, and pay at least 1.5 percent of the purchase price on one- to two-unit properties, and 3 percent for three-unit properties. These funds must come from your own money.TO GET STARTED: First, you'll have to take the Homebuying 101 class. You can sign up through THE website, or through one of our approved partner agencies listed on the website. Once you take the class, apply for mortgage pre-approval throughour participating lenders. After you get approval, you can shop for a home and make an offer.
Yes
$71,115
- First-time homebuyer (you haven't owned a property in the past three years) - Graduate from Homebuying 101 class - Get a first mortgage pre-approval from one of our participating mortgage lenders. Mortgage loan must adhere to the Fannie Mae general loan limits. - Have household assets of no more than $75,000 excluding retirement, 401K, and approved IRS savings accounts - Have a household income that’s no more than 135 percent of the Area Median Income,
Yes
Yes
The Boston Home Center
Homebuyer Unit, 26 Central Avenue, Hyde Park, MA 02136
6176354663
HomeCenter@boston.gov