Valley CDC has several grants and mortgage subsidies available for eligible First Time Home Buyers purchasing homes in Easthampton. Funding is provided through the City of Easthampton by DHCD with ARRA CDBG-R Program Funds.
Grants for Down Payment and Closing Cost Assistance
Amount: Each grant is for $4,000.
Uses: Grants can be used to assist with down payment and/or closing costs on single and multi-family units or condominiums.
Eligibility: Applicants must:
- Be First Time Home Buyers. The Federal Department of Housing and Urban Development (HUD) defines First Time Home Buyers as households who have not owned a home in the last three years or households headed by single parents.
- Have an Accepted "Offer to Purchase" Prior to Applying.
- Purchase a Home in Easthampton. Applicants do not have to live in Easthampton to apply, as long as their new home will be in Easthampton.
- Have Completed a Certified First Time Home Buyer Workshop Series. For workshop information please contact: Fern Selesnick at fs@valleycdc.com or 413-586-5855 x 16 or check out our calendar.
- Have Incomes At or Below 80% of the "Area Median Income (AMI)". This figure is an estimate of the average annual income of families based on where they live. Please refer to the chart below to see if your household may qualify based on these income categories:
- 1 Person, less than: $43,450
- 2 Persons, less than: $49,700
- 3 Persons, less than: $55,900
- 4 Persons, less than: $62,100
- 5 Persons, less than: $67,050
- 6 Persons, less than: $72,050
Mortgage Subsidies
Amount: Each Subsidy is for $15,000 and is awarded as a deferred payment loan.
Loan Terms: Loans have a 0% interestrate. These are 15-year, deffered payment, 0% interest loans, with 1/15th forgiven each year. If the homeowner sells anytime within the 15 years, repayment of the loan will be required based on the recapture schedule.
Uses: Motgage subsidies can be used to write down the primary loan amount on a single and multi-family units or condominiums.
Eligibility: Applicants must:
- Be First Time Home Buyers. The Federal Department of Housing and Urban Development (HUD) defines First Time Home Buyers as households who have not owned a home in the last three years or households headed by single parents.
- Have an Accepted "Offer to Pruchase" Prior to Applying.
- Purchase a Home in Easthampton. Applicants do not have to live in Easthampton to apply, as long as their new home will be in Easthampton.
- Have Completed a Certified First Time Home Buyer Workshop Series. For workshop information please contact: Fern Selesnick at fs@valleycdc.com or 413-586-5855 x 16 or check out our calendar.
- Have Incomes At or Below 80% of the "Area Median Income (AMI)". This figure is an estimate of the average annual income of families based on where they live. Please refer to the chart below to see if your household may qualify based on these income categories:
- 1 Person, less than: $43,450
- 2 Persons, less than: $49,700
- 3 Persons, less than: $55,900
- 4 Persons, less than: $62,100
- 5 Persons, less than: $67,050
- 6 Persons, less than: $72,050
© 2008 Valley Community Development Corporation
Equal Housing Opportunity