BuyerAssistance

Down Payment & Closing Costs Assistance
CRC works with Chelsea's Dept. of Planning and Development to help First Time Home Buyers utilize the "soft second" loan program, thereby subsidizing the amount of one's first mortgage.

For those who meet the criteria, and wish to purchase in the city Chelsea, CRC in conjunction with the North Suburban Consortium offer the Down Payment and Closing Costs Assistance. Participation in the First Time Homebuyer's Workshops is required.The assistance is available in the following cities:

Arlington -City Hall (781) 316-3090
Chelsea* -Chelsea Restoration Corp. (617) 889-2277
Everett -City Hall (617) 394-2262
Malden* -City Hall (781) 324-5720
Medford -City Hall (781) 393-2480
Melrose -City Hall (781) 665-5490
Revere -City Hall (781) 286-8181

* Offer First Time Home Buyers Workshops

If you wish to purchase in one of the cities mentioned, please call the Office of Planning & Development in the City Hall in that community. If you wish to purchase in the City of Chelsea, you must contact Yessenia Alfaro at Chelsea Restoration Corp., 154 Pearl Street, Office #2, Chelsea, MA 02150 (617) 889-2277

Requirements:

1. Must be a First Time Home Buyer
2. Must obtain a First Time Home Buyers Workshop Certificate
3. Must obtain a Soft Second Mortgage. From one of the following participating banks:
Citizen's Mortgage, Chelsea Provident Bank, Eastern Bank, Central Bank, Medford Bank, Cambridgeport Bank, Bank of America, Sovereign Bank

4. Income Limits
1 $46,300	5 $71,450
2 $52,950	6 $76,750
3 $59,550	7 $82,050
4 $66,150	8 $87,350

5. Purchase Price Limits
Single/Condo	$362,790*
Two Family	$461,113*
Three Family	$560,231*

*Massachusetts Housing Partnership will make exceptions throughout the State and increase these limits for qualifying homebuyers on an individual loan basis. Exceptions must be requested by the lender and approved by the SSLP Program Manager before a borrower loan commitment is issued. MHP will adhere strictly to the Soft Second Program Income Limits, Underwriting Guidelines, and Qualifying Ratios for all Purchase Price Exceptions Contact MHP for information on waiver request procedures.
Mass Housing Partnership 617-338-7868

Assistance Breakdown: Closing Costs:
One Family or Condo	$5,000	Up to 2,300 excludes pre-paids
Two Family	$6,000	Up to 2,400 excludes pre-paids
Three Family	$6,500	Up to 2,500 excludes pre-paids
For example: One Family $5,000 Closing Costs $1,000 (assumed/estimated) Down payment $4,000

Required Documents to Start Process:
* Four (4) most current & consecutive pay stubs (2 if paid bi-weekly)
* Three (3) most recent bank statements for each bank account (include all pages of bank statements)
* Three (3) years of Income Tax Returns & W-2 Forms
* Assistance must be specified in the Offer and Purchase & Sales Agreement
* 3% of the down payment should come from the buyer's savings, and it should be in your bank account for a minimum of three months prior to application.
* No more than $20,000 in liquid assets in savings, checking, stocks, bonds after closing
* No cash out at the closing
* Home Inspection by Certified Home Inspector
* Housing Quality Standard Inspection by City of Chelsea Office of Planning & Development
* $25.00 non-refundable application fee
* The application must be filled out at least 6 weeks prior to closing or when the offer has been accepted

Please note that everyone risiding in the household over the age of 18 must declare all source of income. For example: wages, social security, interest and investment income, workman's compensation, unemployment, disability, retirement, AFDC, or any other type of government financial assistance, alimony, child support.