For First Time Homebuyers

Buy-Down Program

The Wellfleet Housing Authority has been administering a Buy-Down Program since 2010 and has successfully assisted eight moderate-income families purchase affordable homes. The Wellfleet Housing Buy-Down Program is a program for low-to-moderate income homebuyers. The program provides up to $175,000 in subsidy towards purchasing a Wellfleet home, lowering the price to the buyer and making the home affordable. The goal of the program is to increase the availability of affordable homeownership opportunities in Wellfleet using funds provided by the local Community Preservation Committee and approved by the voters of Wellfleet.

The Buy Down Program application has closed. We will announce the next funding round.

Down Payment & Closing Cost Assistance Program

We sponsor the Down Payment & Closing Cost Assistance Program for first time homebuyers and income eligible households in Wellfleet. This program is a zero-interest deferred payment loan of up to $20,000 that is available to qualified moderate-income applicants. The amount will be based on the down payment and closing cost amounts documented in the mortgage loan commitment from a recognized commercial lender minus the buyer’s contribution of at least 1.5% of the purchase price in their own funds. This funding is not in the form of a grant or forgivable loan but will be provided as a “second mortgage” and recorded as a subordinate lien by the closing attorney. This loan will not have to be repaid until the property is sold or the title of the property is transferred, whichever comes first. Repayment may also be required if the primary loan is refinanced.

First Time Homebuyer’s Education Program

The Community Development Partnership (CDP) located in Eastham offers a First Time Homeownership Education Program that includes a wide variety of classes, programs, and counseling that can help you buy an affordable home. Some of these classes include Lending and Financial Coaching and Pre and Post Purchase Courses. The program will provide information needed to successfully purchase your home, including choosing a realtor, finding the right home, repairing credit, securing financing, home inspections, insurance, and maintaining a home. The CDP will connect you to resources for all of your housing needs.

The Community Development Partnership has received a Seal of Approval from the Massachusetts Homeownership Collaborative, enabling participants who receive a certificate of completion to access several special mortgage products. The Town of Wellfleet offer reimbursements for Wellfleet residents who need financial assistance to register for the First Time Homebuyer’s Education Program.

One Mortgage

For more information on First Time Homebuyer’s Education Program, contact the Community Development Partnership, pelinda@capecdp.org.