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Homebuyer

HomeBuyer — HOME Program

GUIDELINES
ELIGIBLE PROPERTIES

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.


ELIGIBLE BORROWERS 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.
ELIGIBLE ACTIVITIES Acquisition: downpayment and closing cost assistance
INTEREST RATES 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
$15,001-$40,000

Affordability Period
5 Years
10 Years

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 a grant.
  • 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.