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HOMEBUYER/HOMEOWNER
ASSISTANCE PROGRAMS
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OWNERSHIP PROGRAMS |
| The Town of Brookline provides funding and technical assistance to individuals and families looking to purchase an affordable home in Brookline. There are currently three homebuyer programs available through the HOUSING DIVISION of the Department of Planning and Community Development. Following is a brief explanation of each program. We have also included in this packet information on each program or contacts on how to obtain additional information. All
persons seeking assistance will be asked to fill out the following
application prior to scheduling an appointment.
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| HOMEOWNERSHIP
APPLICATION INSTRUCTION SHEET (PDF)
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| HOMEOWNERSHIP
APPLICATION (PDF)
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Federally Funded Homebuyer Assistance Program
The Town’s popular Homebuyer Assistance Program (single family/condominiums only) may provide up to $125,000 of financial assistance per household to income eligible applicants. Funding for this program is provided through the HOME and Community Development Block Grant (CDBG) Programs. Assistance is provided on a first-come, first-served basis and is now available to qualified applicants.
These funds are provided in the form of a 0% interest rate loan with no monthly payments. All loans are secured with a 30-year second mortgage and a promissory note, which secures the Town’s right of repayment and possibly a deed restriction, which secures the Town’s rights of first refusal. For additional program
information click here:
HOMEBUYER
ASSISTANCE PROGRAM (PDF)
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State Funded Homebuyer Programs
The Town also encourages eligible applicants to consider the State funded MassHousing first mortgage program for first-time homebuyers (1-4 units only). MassHousing may be able to provide up to 97% of the financing necessary to purchase an affordable home within Massachusetts. Qualified applicants may use the Town’s Shared Appreciation Program funds along with MassHousing financing within Brookline. Programs for purchase and rehabilitation of 1-4 unit properties may also be available through MassHousing.
For information on MassHousing’s Homebuyer, Purchase & Rehabilitation Programs contact MassHousing directly at:
MassHousing
One Beacon Street
Boston, Massachusetts 02108
Tel. 617-854-1020
TDD 617-854-1025
www.masshousing.com
Eligible applicants may also want to consider the Massachusetts Housing Partnership Fund (MHP)
Soft Second Loan Program. As with MassHousing, qualified applicants may use the Town’s Shared Appreciation Program funds along with MHP financing within Brookline. We have enclosed information sheets that may answer some of your questions about this program or visit their web site at:
www.mhp.net
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Town of Brookline’s HOME/CDBG Funded
Homebuyer Assistance Program
BORROWER INCOME ELIGIBILITY GUIDE
Note: Income limits are subject to change annually |
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HOUSEHOLD
SIZE |
MAXIMUM
INCOME LIMITS |
| 1 |
$46,300 |
| 2 |
$52,950 |
| 3 |
$59,550 |
| 4 |
$66,150 |
| 5 |
$71,450 |
| 6 |
$76,750 |
| 7 |
$82,050 |
| 8 |
$87,350 |
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MassHousing First-Time Homebuyer Program
BORROWER INCOME ELIGIBILITY GUIDE
Note: Income limits are subject to change annually
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HOUSEHOLD
SIZE |
MAXIMUM
INCOME LIMITS |
| 1 or 2 persons |
$82,600 |
| 3 or more persons |
$94,900 |
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Massachusetts Housing Partnership Fund (MHP)Soft Second Loan Program
BORROWER INCOME ELIGIBILITY GUIDE
Note: Income limits are subject to change annually
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HOUSEHOLD
SIZE |
MAXIMUM
INCOME LIMITS |
| 1 |
$57,820 |
| 2 |
$66,080 |
| 3 |
$74,340 |
| 4 |
$82,600 |
| 5 |
$89,208 |
| 6 |
$95,816 |
| 7 |
$102,424 |
| 8 |
$109,032 |
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