First Time Homebuyer Down Payment Assistance Program
The City of Chelsea offers loans to income-eligible applicants, purchasing eligible properties, which include condominium units and single-family residences. The owner must live in the property and purchase it as a primary residence. Loan amounts of up to $10,000.00 are available for a non-subsidized property.
Assistance is provided in the form of a 0% interest, deferred payment loan (DPL). The DPL will have a five (5) year term, where recipients have no monthly payments. If a recipient continues to own and reside in the assisted property for five years from the date of purchase, the DPL will be forgiven and become a grant. If a recipient sells the assisted property or converts it to a rental unit within the five year term of the loan, a portion of the DPL must be repaid.
Assistance is provided in the form of a 0% interest, deferred payment loan (DPL). The DPL will have a five (5) year term, where recipients have no monthly payments. If a recipient continues to own and reside in the assisted property for five years from the date of purchase, the DPL will be forgiven and become a grant. If a recipient sells the assisted property or converts it to a rental unit within the five year term of the loan, a portion of the DPL must be repaid.
| Attachments |
| First Time Homebuyer Down Payment Assistance Program - Application |
| Programa de Asistencia para el Pago Inicial para Compradores de Vivienda por Primera Vez - Solicitud |