City of Chelsea First-Time Homebuyer Down Payment Assistance

Administered by: City of Chelsea Department of Housing and Community Development · City · Forgivable Loan

Funding status: Active

How much assistance

Up to $10,000 (Forgivable Loan)

Zero percent interest deferred payment loan with a 5-year term and no monthly payments. If the recipient continues to own and reside in the property for 5 years from the date of purchase, the loan is fully forgiven and becomes a grant.

Eligibility

  • Income limits: At or below 80% of Area Median Income
  • First-time buyer required: Yes — Must not have owned a home in the past 3 years.
  • Geographic restrictions: Must purchase a condominium or single-family residence within the City of Chelsea for use as a primary residence.
  • Homebuyer education required: Yes

How to Apply for City of Chelsea First-Time Homebuyer Down Payment Assistance

Step 1: Complete a HUD-approved homebuyer education course through Chelsea Restoration Corporation or another approved provider, get pre-approved for a mortgage, then contact the City of Chelsea Department of Housing and Community Development at 617-466-4192 or bcares@chelseama.gov to apply.

Visit program website

Notes

CDBG-funded program. Eligible properties include condominium units and single-family residences where the owner must live in the property as a primary residence.

Cities Where This Program Is Available