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| Welcome to the First Time Home Buyer section of the CRC Website. CRC offers two options :
- New Down Payment & Closing Costs Assistance Program
- A 2 Saturday Session First Time Home Buyer Workshop
Click Here to Register via First Time Home Buyer's Online Express Workshop Application Workshop Dates 2012
ENGLISH Saturdays 9am-1pm
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| January 14 & 21 FULL! (We can no longer accept any applications.) |
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April 21 & 28
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August 18 & 25
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November 3 & 10
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SPANISH Martes 5-7pm
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April 10,17,24 & May 1
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September (Septiembre) 4,11,18,25
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| Register Click Here |
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Here is some information about the First Time Home Buyers Process. Click Icons below for more info.
New! Down Payment & Closing Costs Assistance Program
(DAP Info Sheet)
The assistance is available in the following cities: Chelsea, Everett, Revere, Malden, Medford, Melrose, Arlington, Winthrop
If you wish to purchase in one of the cities mentioned, please call the Office of Planning & Development in the City Hall in that community.
- Must be a First Time Home Buyer
- Must obtain a First Time Home Buyers Workshop Certificate (CRC's only)
- Must obtain a Soft Second Mortgage from Mass Housing Partnership MHFA & FHA Loans from Mass Finance Agency
4. | Income Limits: | | 1 $44,950 | 5 $69,350 | | 2 $51,400 | 6 $74,500 | | 3 $57,800 | 7 $79,650 | | 4 $64,200 | 8 $84,750 |
| Assistance Breakdown: |
| Closing Costs | | One Family or Condo | $7,500 | Up to 2,300 excludes pre-paids | | Two Family | $8,500 | Up to 2,400 excludes pre-paids | | Three Family | $9,000 | Up to 2,500 excludes pre-paids |
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The most important documents you should submit in order to begin the application process: * 4 most current pay stubs (2 if paid by-weekly) * 3 most recent bank statements for each bank account * 3 years of Income Tax Returns
Soft Second: 1.5% of the down payment should come from the buyer's savings, (must demonstrate three months of savings history to lender) and the remainder of the 3% can be a gift or grant.* Assistance must be specified in the Offer and Purchase & Sales Agreement
* No more than $20,000 in liquid assets (in savings, checking, stocks, bonds, etc.)
* No cash out at the closing
* Home Inspection by Certified Home Inspector
* Housing Quality Standard Inspection by City
* $25.00 non-refundable Application Fee
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