South Shore Housing: Home Ownership

South Shore Housing - Housing for people, not for profit

Special Mortgage Products
Municipal Employee Mortgage
Soft Second
Home Loan Funds
Ride the "T" to Work

Special Mortgage Products: Home Loan Funds

South Shore Housing’s HOME Down payment and Closing Cost Assistance Program is designed to provide financial assistance to low and moderate income families purchasing their first home in one of the participating communities. The Program is funded through the Department of Housing and Community Development and is administered by South Shore Housing in cooperation with participating towns and lenders.

Borrower’s can receive up to $8,000 to be applied to down payment and/or closing costs. The HOME down payment and closing cost assistance is a no interest, deferred payment mortgage. All or a portion of the principal becomes due only at the time of sale, refinancing of property, transfer of ownership or if the property is no longer the borrower’s principal place of residence. After five years the loan is forgiven.

Eligibility Criteria:

Property must be a single family
Borrower must have good credit
Borrower must complete a homebuyer counseling course that is offered at South Shore Housing. For more information on workshops dates click here
Participating towns: Acushnet, Carver, Dartmouth, Fairhaven, Halifax, Kingston, Middleboro, Plympton, Rochester, Wareham, Westport
Borrower’s gross HOUSEHOLD income cannot exceed low/moderate income (80%) established by HUD
Borrower must be first-time homeowner; defined as someone who has not had an ownership interest in a principal residence in the last three years. Exceptions: a single parent as defined by HOME regulations, displace homemaker as defined by HOME regulation
Borrower’s are required to provide a minimum of 2.5% to 3% of their own funds for downpayment
Property must be the families principal place of residence
Property must be inspected and pass the Section 8 Housing Quality Standards
The appraised value of the property may not exceed 95% of area median price as determined by HUD