Program Higlights
The Fall River Community Development Agency offers first time homebuyer assistance in the
form of down payment and closing cost assistance for qualified applicants. This is a loan
which becomes a grant after five years of continuous home ownership. The program is offered
through HUD’s HOME Program, which is designed to help low-income individuals achieve the
goal of home ownership.
In summary:
- The property must be in Fall River.
- The applicant must be a first-time homebuyer meaning that they cannot have owned real.
- estate within the past three years.
- The property can be a single family, or multifamily up to a four-family dwelling.
- Condominiums and modular homes also qualify.
- The property must be the applicant’s primary residence during the affordability period.
- The applicant must have a credit score of 650 or higher.
- The applicant must be income qualified using HUD’s adjusted income limits for the.
Providence-Fall River area.
- Applicants must be at 80% of the area median income for household size to qualify.
- Applicants must obtain a pre-approval letter from a primary lender.
- Applicants’ total debt to income ration must not exceed 45%.
- Applicants must complete a HUD approved first-time homebuyers course prior to closing.
- Applicants must have at least $3,000 cash post-closing, but not more than $25,000 in assets.
- Private leveraging is required. At least 1.5 % of the purchase price.
- Recapture provision apply if the property is sold during the affordability period.
Please contact the Community Development Agency at 508.679.0131 for more information and complete details about this program.
