BARNSTABLE – The ability to pay for a proper down payment and closing costs can be a deterrent for many first-time homebuyers, however, Barnstable County’s HOME Loan Program may be able to lend a hand to make the dream of home ownership a reality.
The program, in conjunction with the Housing Assistance Corporation of Cape Cod, offers zero interest, zero monthly payment loans up to $20,000 for first-time homebuyers.
Along with income limits, there are other eligibility requirements including:
- First-Time Homebuyer
- Workshop Attendance – must have received a certificate from an approved Homebuyer Education Workshop Series
- The household must occupy the property as their principal residence
- Buyer must put 1.5 percent of purchase price of own funds towards purchase
- The property must be located in Barnstable County
- Any property purchased with HOME funds must meet HUD Housing Quality Standards
- The maximum purchase price limit for a single family home or condo is $305,000 – higher limits for multi-unit properties
Loan terms and specific program details are available at the Housing Assistance of Cape Cod website.
About CapeCod.com NewsCenter
