Wellfleet Buy-Down Program Info Sessions Scheduled in January
First Time Home Buyers: Get up to $175,000 to help buy an AFFORDABLE HOME in Wellfleet NOW! Read more to get details on two information sessions early January and the application process.
ATTEND OUR INFORMATION SESSIONS FOR MORE INFORMATION
To learn more about Wellfleet's Buy-Down Program, eligibility, and the application process, attend our virtual information sessions on January 11th OR January 23rd, with the option of attending both.
email wellfleetaffordablehousing@gmail.com to register
About the Wellfleet Buy Down Program:
The Wellfleet Local Housing Partnership and the Wellfleet Housing Authority are sponsoring on a new Buy-Down Program to add affordable housing in the Town of Wellfleet. Eligible buyers will find a market-rate home in Wellfleet, where they can apply for a grant from the Buy-Down program that is applied to the purchase price of the home, bringing down the total cost to the buyer. The home would then be deed restricted, remaining at an affordable housing price upon resale.
The goal of the program is to increase the availability of affordable homeownership opportunities in Wellfleet using funds provided by the local Community Preservation Act, the Affordable Housing Trust and approved by the voters of Wellfleet.
The Buy-Down Program will make a grant of up to $175,000 to a qualified moderate-income applicant to help them “buy down” the purchase of an affordable home.
Are you eligible for the Buy-Down Program?
We can help to see if you qualify.
MAXIMUM INCOME REQUIREMENTS & MAXIMUM PURCHASE PRICES
To qualify, applicants will need to meet the Department of Housing and Community Development household income requirements: earn at or below 80 percent of the Area Median Income (AMI) for Barnstable County.
Maximum Household Incomes include:
1 person household = $54,150
2 persons household = $61,850
3 persons household = $69,600
4 persons household = $77,300
The maximum affordable home prices by home size are provided below. Note that buyers will only receive funds necessary to meet the gap between the purchase price minus the mortgage amount, any amounts escrowed for basic repairs approved by the Housing Authority and the down payment, total not to exceed $175,000 per unit.
Maximum purchase prices (including up to $175,000 in subsidy) include:
1 bedroom = $376,000
2 bedroom = $399,600
3 bedroom = $464,200
4 bedroom = $487,500
Source: DHCD
Are you eligible for the Buy-Down Program?
MUST BE A FIRST-TIME HOMEBUYER
Eligible applicants must be first-time homebuyers, with certain exceptions:
Must complete a first-time homebuyers course
Must be able to obtain a mortgage for the purchase price of the home
Have no more than $75,000 in household assets
WHERE TO COMPLETE A FIRST-TIME HOMEBUYER'S COURSE
Community Development Partnership
The Community Development Partnership is offering a monthly online certification course for first-time homebuyers. Please contact Andrea Aldana at andrea@capecdp.org or call at (508) 240-7873 ext. 10.
Housing Assistance Corporation
The Housing Assistance Corporation is offering a First-Time Homebuyer's Online Courses:
Thursday, January 14th at 5:45 pm - 8:45 pm
Saturday, January 16th at 9 am - 3 pm
Tuesday, February 9th at 5:45 pm - 8:45 pm
Thursday, February 11th at 5:45 pm - 8:45 pm
Tuesday, February 16th at 5:45 - 8:45 pm
Thursday, March 25th at 5:45 - 8:45 pm
Saturday, March 27th at 9 am - 3 pm
