Allston-Brighton Homeownership Program
Funds Are Now Available Through The Allston-Brighton Homeownership Program!
Are you a first-time homebuyer who wants to purchase your home in Allston Brighton? You may qualify for up to $50,000 in down payment and closing cost assistance! This fund is available to income-eligible, first-time homebuyers to buy their first home in the neighborhood.
ABCDC and The Boston Home Center are partnering to offer the Allston-Brighton Homeownership Program. This is new program made possible with funding from the development of Allston Yards.
For more information about the fund, contact us at [email protected] or 617-787-3874 x35.
The Allston Brighton Homebuyer Program es un programa de asistencia para el pago inicial y los costos de cierre que aumenta la asistencia disponible a las personas comprando una casa en los áreas de Allston o Brighton. El programa es administrado por el Boston Home Center y presentado por el Allston Brighton CDC. El programa distribuye hasta $50,000 de asistencia para ayudar a los compradores de vivienda a poder superar a los obstáculos potenciales del pago inicial y los costos de cierre. En este taller de una hora, cubriremos los criterios de eligibilidad y el proceso de aplicar al programa en detalle.
Para más información, contacte a Allston Brighton CDC por [email protected] o llame al 617-787-3874 x 35
Income & Asset Qualifications are modeled on Boston Home Center’s First Time Homebuyer program:
- Household “liquid” assets of no more than $75,000, as defined by the Boston Home Center’s guidelines.
- Household income must be no more than 135% AMI.
- Applicants must contribute at least 1.5% of the purchase price on one-to two-unit properties, and 3% for three-unit properties. These funds must come from the Applicant’s own funds.
- Funding must be used for purchasing a home in Allston Brighton as the owner’s principal residence.
- Financial assistance to be used for downpayment assistance, qualified closing costs, or a mortgage subsidy in conformance with the BHC’s Financial Assistance Program guidelines, in the form of a loan of up to $50,000 for each household, based on need.
- Funding is only for first-time homebuyers (buyer not owned a property in previous three years).
- To qualify for this fund, you must graduate from a Homebuying 101 class.
- You must obtain a first mortgage pre-approval from a BHC Participating Lender.
- Mortgage loan must adhere to the Fannie Mae general loan limits.
- This financial assistance is a zero-interest deferred loan. That means that there are no payments made until you sell, refinance, or are no longer living in your home.
- All buyers must meet all other Boston Home Center financial assistance requirements.
How To Submit An Application:
Download and complete the financial assistance application on the Boston Home Center’s website.
If submitting your application before you have a property identified, you must include “Allston Brighton Homebuyer Program” at the top of each application page. If submitting your application after you have a property identified (have a signed Offer to Purchase but do NOT yet have a signed Purchase and Sale agreement), the Boston Home Center will note that the property listed on page 4 of the application is located in Allston-Brighton and evaluate you for the Allston Brighton Program.
Frequently Asked Questions
- At what point of the homebuying process should I apply for the program?
You can apply for the program as long as you do not have a signed Purchase & Sale agreement on a property. The best time to apply is at the same time you apply for pre-approval with your loan officer (who must be a Boston Home Center-approved lender). However, you can still apply for the program if you have a signed Offer to Purchase and you are working with a Boston Home Center-approved lender. The property under contract by signed Offer to Purchase must be located in Allston or Brighton and have a zip code of 02134 or 02135.
- When do I have to repay the money I received from the program?
The money you receive from the program is a zero percent interest-deferred loan that you do not have to repay until you sell, transfer, refinance, or stop living in the property. It is not a grant; it is a loan that you must repay under any of these conditions.
- What does my real estate agent and loan officer need to know for me to use the program?
You must work with a Boston Home Center-approved loan officer to be eligible for the program. By doing so, this ensures you’re working with someone who is familiar with the program. Both your loan officer and agent should know that you will get a letter from the Boston Home Center, separate from your loan officer’s pre-approval, showing how much assistance the Boston Home Center is willing to contribute towards your purchase. This letter could take several weeks to receive. Your agent should be aware of the minimum down payment requirements for the loan you’re applying for, so that they can write an Offer to Purchase that takes into consideration your minimum down payment and the assistance you may receive.