For First Time Homebuyers
Are you considering buying a home?
There are a variety of programs to assist potential first time homebuyers through every step of the process.
Buy-Down Program
The Wellfleet Housing Authority has been administering a Buy-Down Program since 2010 and has successfully assisted nine moderate-income families in purchasing affordable year-round homes. The Wellfleet Housing Buy-Down Program is a program for low-to-moderate-income homebuyers. The program provides up to $175,000 in subsidies for purchasing a Wellfleet home, lowering the price for 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. Due to the real estate market conditions, as of 2024, we are no longer offering the Buy Down Program.
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 - $50,000 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.
As of January 2025, applications for the DP & CC Program are open. To receive the application, please fill out the form below.
First Time Homebuyer’s Education Program
The Community Development Partnership (CDP) located in Orleans offers a First Time Homeownership Education Program that includes a wide variety of classes, programs, and individual counseling with a HUD-certified counselor, that can help you with the process of buying an affordable home. Some of these classes include Lending and Financial Coaching and Pre and Post-Purchase Courses. The program will provide the 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 offers reimbursements for Wellfleet residents who need financial assistance to register for the First Time Homebuyer’s Education Program.
One Mortgage
For more information on the First Time Homebuyer’s Education Program, contact the Community Development Partnership, pelinda@capecdp.org.