First Time Home Buyer Program

First Time Homebuyer (FTHB) Program for the City of Medford

Medford’s FTHB program is managed through the North Suburban HOME Consortium (NSC):

1) First Time Homebuyer’s Workshop: Demystifying the home buying process
Medford Community Housing offers a First Time Homebuyer’s Workshop 6-7 times a year. The Homebuyer’s Workshop is open to anyone of any income and is required in order to apply for Downpayment and Closing Cost Assistance through the First Time Homebuyer Program.The class is certified by CHAPA (Citizens Housing and Planning Association), so it will satisfy the requirement of many homebuyer assistance programs.  If you miss the one in Medford, CHAPA-certified classes are offered in other cities and towns throughout the year. Go to www.chapa.org to find a list of organizations that offer this class or contact the Medford Housing Development Specialist.

2) Downpayment and Closing Costs Assistance
For many families, putting together the largest possible downpayment is what makes the monthly mortgage costs low enough to afford. Other significant cost when buying a home are “closing costs”: legal fees, the first payment to your mortgage and sometimes other costs like payment of a reserve of condo fees or taxes, that are paid at the time the home officially becomes yours.

First time homebuyers can receive up to $7,500 towards these costs for a single family home or condo or $8,500 for a two-family home. Anyone who is purchasing a home in Medford who falls under the gross annual income limits indicated in the application, whether or not you are already a resident of the City, may apply.There is no interest on this loan. If you stay in your home for at least 5 years, the loan will be forgiven – you will never have to repay it. If you leave before 5 years, you will have to pay back a portion of the loan awarded at the time of sale, pro-rated to the amount of time you stayed in your home.

To apply for the downpayment assistance:
You must already have an accepted offer on on a home to apply for downpayment assistance. At that time you can download the NSC FTHB Application (PDF). Once you’ve completed the form, contact the Housing Development Specialist in the Office of Community Development to help guide you through the application process at 781-393-2480.

To find out when applications for affordable housing lotteries in Medford and other communities are available, please see opportunities on our website www.medfordma.org or www.chapa.org.