Housing Trust To Offer Down Payment Help In North Andover

North Andover MA

04 August, 2021

10:40 AM

Description

NORTH ANDOVER, MA — The North Andover Affordable Housing Trust plans to offer mortgage downpayment assistance to first-time homebuyers, the town said Wednesday. The program will offer a max of $30,000 to pay for up to 10 percent of the home's purchase price. Applications will be available on the town website by the end of September. Funding is coming from the Community Preservation Act and the trust. Applicants must meet the following eligibility requirements, the town said: "Be a first-time homebuyer (or one that has had no homeownership interest in a principal residence during the past 3 year OR you are a displaced homemaker or single parent who has only owned a home with a former spouse while married) Complete a homebuyer education class conducted by a HUD approved housing counseling agency and provide certification of completionOwn or have assets that do not exceed $75,000 ($375,000 for those over 55 years of age)Intend to reside in the purchased property as your primary residencePut down no less than 1.5% of the sale priceEarn a household income that is at or below 100% of Area Median Income." The area median income for a one-person household is $72,100, or $102,900 for a family of four. More details are available here. Christopher Huffaker can be reached at 412-265-8353 or [email protected].