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Easton MA Offering First Time Homebuyer Assistance

Easton MA Offering First Time Homebuyer Assistance

The Town of Easton Affordable Housing Trust has announced a grant program to provide financial assistance to qualified first time home buyers.

With some exceptions, applicants for the grant program must be first time home buyers (with a few exceptions) and must meet the following income limitations:

Household Size:
Income Limit:
1 Person
$44,950
2 Persons
$51,400
3 Persons
$57,800
4 Persons
$64,200
5 Persons
$69,350
6 Persons
$74,500

The grants are intended to offset the purchase price, so that the buyer can take out a lower, more affordable mortgage.  In return for this assistance, an Affordability Rider will be attached to the deed, so that the house remains as affordable housing.  This program can be used in conjunction with other low-downpayment loan programs like MassHousing or FHA.

The amount of the grant varies, depending on the size of the home.  The grant will be the greater of maximum of 10% of the sale price or the difference between the actual sale price and the affordable sale price, as determined by the Department of Housing and Community Development.

Preference is given to those with a connection to Easton MA - current residents, parents of children already registered in the Easton Schools and those who work in Easton.  Obviously, the property must be located in Easton.  There are various other restrictions and requirements that can be found by going to The Easton Homebuyer Assistance Program.

Some important dates to mark down:

November 30, 6:00 pm: Information session at Frothingham Hall, 15 Barrows Street, Easton, MA

December 29, 4:30 pm: Deadline to submit the grant application.

January 17, 6:00 pm:  Participants selected by lottery.

This is a great opportunity for buyers looking to buy a home in Easton MA who meet the eligibility guidelines.  But make sure you do your homework so you understand the process.

The Easton Affordable Housing Trust recommends that buyers have their own representation to help through the buying and grant process.  Furthermore, buyers must be preapproved PRIOR to applying for the grant.  If you need a referral to a lender or would like the assistance of an exclusive buyer agent and attorney, I would be happy to help.

  

 

 
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The content provided on this blog is presented or compiled for your convenience and is provided for informational purposes only. The information provided on this website should not be construed as offering legal, financial or other advice to be relied on by the reader to make or refrain from making any decision or to take any action. 

 

Christine Smith is an Attorney and Exclusive Buyer Agent with over 25 years of experience in the real estate field. 

 

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Comment balloon 5 commentsChristine Smith • November 18 2011 05:09PM

Comments

Christine, this sounds like a great program to help more Buyers get into homes! I hope you have a great weekend!

Posted by Connie Harvey, Realtor - Nashville TN Real Estate (Pilkerton Realtors) about 8 years ago

Hi, Christine.  The grant programs are very cool -- they have helped a lot of home buyers in my own market, too.  Good information for your local residents. 

Posted by Eric Crane -- Your Full Service, Discount Fee Realtor®, Greater Metro Phoenix Arizona (DPR Realty LLC) about 8 years ago

Christine....is this for lots that the housing trust for the town of Eastern will purchase and build a home on for an affordable buyer.....or is this for a 40B subdivision where 25% of the homes are on a lottery basis for first time home buyers of a certain income range and there are other qualifications.....this is a great program....the property will have perpetuity for that concept of affordability....I was on the Franklin Housing Partnership many years ago....

Posted by Barbara Todaro, Marketing Agent for The Todaro Team (RE/MAX Executive Realty ) about 8 years ago

Christine, this is a very informational blog that is well layed out.  We have somethign like that here in SAT that is income based.There is a Texas project as well. Lord knows that buyers need all the help they can get to get into a house these days. 

Posted by Cathy Criado, Making Real Estate Profitable (Criado Realty ) about 8 years ago

Connie...and also a program that will help them stay in their homes because they will have something they can afford.

Eric....it will be Abigail help to a lot of people.

Barbara....it is not a 40B subdivision nor is it a habitat type program. It looks like they can be existing homes but then they will be turned in to permanent affordable housing.  Not only does it help buyers but I think it would help the town with their affordable housing ratios, which will help keep out 40B developments, which, as you know, are always a hot topic.

Cathy....various cities and towns have different programs.  Ones like this in the smaller towns can be sporadic so you have to jump on them while they are here.

Posted by Christine Smith, Exclusive Buyer Agent & Attorney, Canton, MA (Buyers Brokers Only LLC - www.BuyersBrokersOnly.com) about 8 years ago

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