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The Boston Home Center, in partnership with the Housing Innovation Lab, is piloting a new financial assistance program to support households come together to purchase multifamily homes in Boston.
The Co-Purchasing Housing Pilot will provide eligible buyers with zero-percent interest deferred loans (payable upon sale, transfer, or refinance) to help cover the costs of the down payment and reasonable closing costs for the purchase of eligible multifamily
properties.
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Each household must:
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Be considered a “First-Time Homebuyer,” and have completed CHAPA-approved FTHB courses (HB 101 & 201)
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Contribute at least 1.5% of the purchase price of their share of the property of their own funds
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Agree to occupy the home as their primary residence
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Have less than $100,000 in liquid assets (excluding government-sponsored retirement accounts)
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Enter into a “co-ownership agreement” (described in the
City's
Guide to Co-Purchasing)
Eligible properties must be:
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A two- or three-family home located in the City of Boston
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Have as many vacant, unoccupied units as participating households listed as joint owners on the mortgage
Eligible mortgage products include:
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Fixed-Rate CRA portfolio loans from a private bank
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Conventional loans from Fannie Mae or Freddie Mac
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Federal Housing Administration (FHA) loans
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Any other loan programs approved by the Boston Home Center through participating lender acknowledgement agreements
Interested in learning more?
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Join us at an upcoming information session to learn more about co-purchasing and the city’s financial assistance pilot program.
For more information about the co-purchasing process, including how and when to apply for financial assistance, please visit our
website.
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