FIRST-TIME HOMEBUYER PROGRAM

							The First Time Homebuyer (FTHB) Down               WHAT ARE THE PROPERTY REQUIREMENTS?                   HOW DO I APPLY?
Payment Assistance Program provides
                                                    The property must be located in the                   You must submit the
funds to assist first time homebuyers with
                                                     Town of Danvers.                                     following items to the
the purchase of their first home.                                                                        Planning and Human
                                                    The property must meet federal
                                                                                                         Services Department:
                                                     Housing Quality Standards (HQS).
This brochure provides a brief overview of
                                                    Applicants must use the property as       A completed application for the First
the program. If you have any questions,
                                                     their principal residence. Temporary       Time Homebuyer Program along with
please contact the Planning and Human                                                           copies of all required documentation.
                                                     sub-leases of the property are not
Services Department at 978-777-0001.
                                                     allowed.                                  A copy of a fully executed loan
                 WHO IS ELIGIBLE?                   The purchase price of the property         agreement from the primary lender.
                                                     cannot exceed the following values:
                                                                                               A copy of an appraisal, completed by a
   You must be a first time homebuyer:                                                         licensed appraiser or title company.
         An individual that has had no                Property           Maximum
          ownership in a principal residence             Type              Value               A copy of the home inspection report.
          during the last 3 years.                     One Family          $362,790
                                                                                               A copy of the fully executed Purchase
         A single parent or a displaced
                                                       Two Family          $461,113             and Sales agreement.
          homemaker that has only owned
          with a spouse.                              Three Family         $560,231
                                                                                            Prior to your closing date, an inspector
   Applicants must be income eligible                Four Family          $646,421         from the Planning and Human Services will
    according to the guidelines set by HUD.                                                 also conduct an inspection of the home to
    Income limits are as follows:                                                           insure that the unit meets Federal Housing
                                                                                            Quality Standards.
                            Maximum
        Household Size
                             Income
           1   person        $46,300                                                        You must submit your completed
           2   person        $52,950
           3   person        $59,550                                                        Application at least two weeks in
           4   person        $66,150                                                        advance of your closing date.
           5   person        $71,450
           6   person        $76,750

   You must be a United States citizen.
                                              The FTHB Program is administered by and
                                              through the Town of Danvers Planning
                                              and Human Services.


                                              The program is funded in part through the
    WHAT TYPE OF ASSISTANCE IS AVAILABLE?
                                              United States Department of Housing and
    A no interest, deferred payment loan     Urban Development (HUD), the HOME
     that may be used towards the             Program.
     downpayment and/or closing costs to
     purchase a condominium, single family,   HUD determines income Limits, as well as
     multi family (2-4 units) or mobile       Maximum purchase limits, annually.
                                                                                            FIRST TIME
     home.                                                                                 HOMEBUYER
        Maximum loan amount is $10,000       The Town of Danvers reserves the right to
         or 10% of the purchase price,        make changes to the FTHB Program
                                                                                          DOWN PAYMENT
         whichever is lower.                  without notice.                               ASSISTANCE
    The loan must be paid in full when you
                                                                                             PROGRAM
     sell, transfer or in some cases when
     you refinance your home or you no
     longer use the home as your primary
                                                                                            GUIDELINES
                                                For further information, please contact
     residence.                                  Susan Fletcher, Assistant Director of
                                                     Planning and Human Services
    Monthly payments are not required.
                                                 Telephone: 978-777-0001 ext. 3027

    Homebuyers must use some of their                         Updated
     own funds towards the purchase of the                  July 10, 2007
     home, which will be matched by the
                                                                                           TOWN OF DANVERS
     Town of Danvers up to the maximum
                                                                                            MASSACHUSETTS
     loan amount of $10,000.

          ADDITIONAL INFORMATION