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The Somerville Affordable Housing Trust Fund can provide "Closing Cost/Down Payment Assistance" of up to $5000.00 to households who are income-eligible first-time buyers purchasing condominiums or single-family homes in Somerville. The assistance will come in the form of a 0% interest 5-year forgivable loan, forgivable at a rate or 20% per year that the borrower remains in the unit. Eligible applicants will receive a Closing Cost Assistance Certificate, which will be good for six (6) months. Funds are extremely limited
Eligibility Requirements
- Buyers must be first-time homebuyers.
- The unit must be used as the buyers' primary residence.
- Purchased homes must be in Somerville.
- Buyers must be income-eligible (making between 80 and 110% of Area Median Income).
- Buyers must have completed or be scheduled to take an approved Home Buyer Training Course.
- Selected buyers must obtain appropriate conventional mortgage pre-approvals for a 30 year fixed rate mortgage.
For more information please call 617-625-6600 ext. 2560, or e-mail kelam@somervillema.gov.
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