HomeBuyer — HOME Program
One to four-family properties, manufactured or mobile homes,
condominiums or cooperatives located in Fall River, meeting the FHA
Mortgage Limits for the area.
Property must meet Section 8 Housing Quality Standards (HQS), and pass a visual assessment for lead-base paint.
||Borrower must be first-time homebuyer. (i.e., must not
have owned a home during the three-year period prior to purchase of a
home with HOME assistance.) Property must be borrower’s principal
residence during the affordability period. Borrower must be income
eligible, (See HOME income limits), must not owe any outstanding
property taxes or service fees to the City of Fall River, must complete
a homebuyers counseling course prior to closing, must be creditworthy
and meet the intent and objectives of the Program. Borrower must obtain
a first mortgage from a qualified lender.|
||Acquisition: downpayment and closing cost assistance |
||The Homebuyer Program features an interest rate of 1%. The length of the affordability period is determined as follows:|
Dollars per Unit
Less Than $15,000
|LOAN LIMITS & TERMS
- Up to $10,000 or 6% of the purchase price is available, whichever is greater, within feasibility.
- Homebuyer assistance loan is deferred for the
affordability period as long as the borrower complies with the Program
regulations during the affordability period. Then, loan will revert to
- Private leveraging is required. At least 1.5% of the purchase price.
- Private lender must communicate with CDA and provide the necessary requested documentation.
- Recapture provisions will apply.
- Closing cost for CDA, $700.00.