Description:

Through this program, eligible FTHBuyers purchasing a property in the one of the NSC communities can gain access to low-interest mortgage products. In addition to qualifying for primary financing through these mortgage products, the MRA offers Down Payment and Closing Cost Assistance to eligible low and moderate income First Time Homebuyers:

$7,500 (single family house or condo)

$8,500 (2-family house)

$9,000 (3-family house)

How Do I Qualify?

2) Homebuyer Counseling: These mortgage products, as well as the Down Payment and Closing Cost Assistance, require that you attend a First Time Homebuyer’s Counseling Course. The NSC sponsors counseling courses by the MRA Housing Counseling Services and the Chelsea Restoration Corporation. *** Next MRA Homebuyer Course starts September 9th at the Milano Senior Center in Melrose, MA!!!*** For info on these and other courses, offered throughout the state, check CHAPA’s counseling course listing.

3) Income Qualifications: To qualify for the down payment assistance, your combined household income (gross income) must fall below the Income limit standards as set by the Department of Housing and Urban Development (HUD). Income from all household members 18 or over must be included, with the exception of full time students’ income.

HUD Income Limits issued as of March, 2009:

1 person household: $46,300         2 person household: $52,950

3 person household: $59,550         4 person household: $63,600

5 person household: $68,700         6 person household: $73,800

4) Other Qualifications: Purchase Price Limits apply, and Asset Limits apply to the down payment and closing cost assistance programs. In order to qualify for the down payment and closing cost assistance, properties must past a Housing Quality Standards (HQS) inspection -- a separate inspection, free of cost, by a city inspector.

How Do I Apply?

For applications for Mass Housing Soft Second Mortgage Product or Mass Housing Finance Agency's Mass Advantage Mortgage Product, contact a bank who offers those mortgage products. For a list of local banks who participate in our program, click here.

To apply for the down payment and closing cost assistance, complete the following application and return it to the Malden Redevelopment Authority. First Time Homebuyer Application

In order to complete your application and issue a commitment letter for the downpayment assistance, we will need the following documents:

• Signed purchase and sales agreement
• Mortgage pre-approval from qualified lender
• Most recent 3 years of federal taxes
• 3 most recent bank account statements for all bank accounts
• 3 months most recent paystubs
• Documentation of "other" income sources (childsupport, welfare, etc)
• Course certificate for first time homebuyer course
• Signed IRS & liquid asset certification form
• Down Payment Assistance Disclosure Form