Falmouth Housing Trust Affordable Homeownership Program

Administered by: Falmouth Housing Trust · Nonprofit · Silent Second Mortgage

Funding status: Active

How much assistance

Homes sold at significantly below market rate through deed-restricted lottery (Silent Second Mortgage)

Deed restricted in perpetuity to remain affordable upon resale, with resale price indexed to AMI.

Eligibility

  • Income limits: At or below 80% of Area Median Income (AMI)
  • First-time buyer required: Yes — Must not currently own a home and must not have owned a home in the past 3 years.
  • Geographic restrictions: Must purchase in Falmouth, MA.
  • Homebuyer education required: Yes

How to Apply for Falmouth Housing Trust Affordable Homeownership Program

Step 1: Fill out the Ready to Buy List Application on the Falmouth Housing Trust website. Meet with a mortgage lender experienced with deed-restricted affordable homes. When a lottery is announced, submit your application. Homes are awarded through a lottery selection process.

Visit program website

Notes

Falmouth Housing Trust purchases homes at market rate using donor contributions and the Town of Falmouth Affordable Housing Fund, then resells them to working families at significantly reduced prices. Many local Cape Cod banks handle deed-restricted mortgage loans.

Cities Where This Program Is Available