First Time Homebuyer Downpayment Assistance Program

Additional Program Information

  • Property to be purchased must be located in one of the targeted low and moderate income inner-city Haverhill neighborhoods as established by HUD based on US Census data. Please contact the Community Development Department to confirm eligibility of property location.
  • The property must meet Federal Housing Quality Standards (HQS).  An inspection to ensure the property meets state and federal housing codes will be conducted by the Rehabilitation Specialist. 
  •  To qualify for program assistance the property must comply with all applicable lead paint regulations.  
  • Applicants must occupy the property as their principal residence for the term of the mortgage.
  • A minimum of 1.5% of the purchase price must come from the applicant's own funds (savings).
  • The Assistance shall provide up to 50% of the required downpayment.  Downpayment and closing cost assistance funds may be used toward the purchase price, legal expenses, and other closing costs.  
  • The mortgage associated with the purchase must be a 30 year, fixed rate mortgage.
  • Multi-family rental units cannot exceed 85% of Fair Market Rent for the term of the mortgage. Also, there can be no displacement of tenants currently residing in the property to be purchased.
  • The property to be purchased cannot exceed the following limits:
 Property
  Type

 
 Purchase Price  

  Limit 

 One Family  $276,000 
 Two Family  $353,000
 Three Family  $427,000
 Four Family  $529,000

                      *Limits effective 3/29/2014

  • Important Note: Once your eligibility has been determined, in order to participate in the program, it is essential that you notify the Community Development Department as soon as your Offer to Purchase has been accepted by the Seller.
  • Participation in this Program does not qualify nor disqualify the applicant from participating in the City’s Housing Rehabilitation & Code Correction Program (HRCCP).


This program is funded in part through the United States Department of Housing and Urban Development (HUD), the North Shore HOME Consortium, and the Community Development Block Grant Program (CDBG). Funding is limited and subject to yearly appropriation.


 
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