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Homebuyers Down Payment Assistance Program
The Housing Partnership Committee established a Homebuyers Down Payment Assistance Program to help income-eligible, first-time homebuyers purchase housing in North Andover. The assistance is in the form of a zero-interest, deferred-payment loan. No payments are due until the unit is sold, provided the applicant uses the property as their principal residence. Temporary sub-leases of the property are not allowed. The maximum amount of the loan is 10% of the purchase price, up to a maximum of $30,000.
The program is limited to households earning no more than 100% of the Area Median Income. AMI is an income statistic established annually by the Department of Housing and Urban Development (HUD). The current program income limits are as follows.
Number of Persons in Household |
1 |
2 |
3 |
4 |
5 |
6 |
Maximum Income |
$59,800 |
$68,300 |
$76,800 |
$85,300 |
$92,200 |
$99,000 |
To qualify as a “first-time homebuyer”, an applicant must:
– Have not owned a home during the previous three years, or
– Be a single parent, or
– Have owned previous home with a former spouse, or
– Have owned a home without a foundation.
In 3 years of operation through 2009, 20 loans totaling $231,260 have been awarded.
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