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First Time Homebuyer Program

Medford is able to offer down payment and closing cost assistance (DPA) to first time homebuyers with federal HOME Program funding through the North Suburban Consortium (NSC).

First Time Homebuyer’s Workshop

To qualify for DPA, homebuyers must first complete a First Time Homebuyer Workshop. Medford Community Housing, a local non-profit partner, offers these workshops throughout year, which are open to anyone of any income. The class is certified by CHAPA (Citizens Housing and Planning Association), so it will also satisfy the requirement of other homebuyer assistance programs that may be available. If you are unable to attend one in Medford, CHAPA-certified classes are offered in other cities and towns throughout the year. Visit the CHAPA home buyer courses page to find an upcoming workshop convenient to you.

Down Payment and Closing Costs Assistance
In addition to the down payment, the other significant costs 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.

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. These loans can not be subordinated, so if an owner refinances, they will also be required to repay a pro-rated portion of the loan.

How to Apply
You must already have an accepted offer on a home to apply for down payment assistance. Download and complete the DPA Application, gather the required documents in the checklist, and contact the Office of Planning, Development, and Sustainability at 781-393-2480 for application intake and any questions about the application process.

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Please allow three to four weeks from date of submission for review of DPA Loan Application and supporting documentation, loan underwriting, required inspection, preparation of documents, contact with parties, primary mortgage lender, closing attorney, etc.  

For more information about the DPA loan program, visit the NSC lead community (City of Malden) website.

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