The Fall River Community Development Agency is offering assistance to first-time homebuyers in Fall River, through HUD’s HOME Program, which is designed to help low-income individuals achieve the dream of homeownership.
This program provides eligible first-time homebuyers with down payment and closing cost assistance, up to $10,000. This assistance is provided to eligible borrowers in the form of a low-interest loan that becomes a grant after a specified period of homeownership.
To be eligible for this program, borrowers must not have owned a home in the past three years, and must:
- Purchase an eligible property in Fall River, MA
- Use the property as their primary residence
- Meet income eligibility requirements
- Not owe any property taxes or service fees to the City of Fall River
- Have a minimum credit score of 650
- Have a debt-to-income ratio of 45% or lower
- Not have more than $25,000 in assets
- Complete a HUD-approved first-time homebuyer course prior to loan closing
Eligible properties include 1-4 family homes and condominiums, and the value of the property must not exceed the FHA limits for Bristol County, MA. In addition, the property must meet Section 8 housing quality standards and pass a visual inspection for lead-based paint.
At BankFive, we are committed to helping make your homeownership dream a reality. To learn more about the Fall River First-Time Homebuyer Down Payment & Closing Cost Assistance Program, don’t hesitate to contact us today.