Grants to be Awarded to First Time Home Buyers in Wellfleet

house for saleWELLFLEET – First time home buyers in Wellfleet will have an opportunity to receive up to $125,000 to help “Buy down” or reduce the purchase price of a home.

The Wellfleet Local Housing Partnership and the Wellfleet Housing Authority are sponsoring the BuyDown Program which will provide grants for two qualified moderate-income applicants.

The goal of the program is to increase the availability of affordable homeownership opportunities in Wellfleet using funds from the Community Preservation Committee and approved by Wellfleet voters.

The program will help purchasers buy an existing market-rate “starter” home, perform necessary repairs, and implement affordability restrictions to make sure the home stays affordable in perpetuity.

Buyers will only receive funds necessary to meet the gap between the purchase price minus the mortgage amount and the down payment, not to exceed $125,000 per unit.

Individuals interested in applying are encouraged to attend one of two information sessions this month that will cover the application and selection process. The sessions will be held on Saturday, October 22 at 10 a.m. and Wednesday, October 26 at 7 p.m.

Information sessions for interested applicants will be held later this month at the Wellfleet Council on Aging on the 22nd at 10 a.m. and the 26th at 7 p.m.

Participants will be selected by lottery and applicants must be able to qualify for a mortgage pre-approval letter from a bank.

Application forms will be available at the information sessions, the town of Wellfleet website, the town clerk’s office or the public library.

The deadline for applications is Friday, December 9 at 4 p.m. The lottery will be held on Wednesday, January 4.

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