Homebuyer Assistance Program

Current Income Guidelines FY13 (NEW)

Newton Homebuyer Assistance Program

The City of Newton offers assistance to first time homebuyers looking for a home in Newton. The Newton Homebuyer Assistance Program can provide financial assistance to buydown the purchase price of a home as well as for downpayment or closing costs.
To date, the program has successfully made over $4 million dollars of properties affordable and helped individuals, people with disabilities and families achieve homeownership in Newton.
The program offers several benefits to eligible applicants:

  • Select the home of your choice in Newton
  • Receive up to $110,000 with no required payments to buydown the cost of a home, provided that the household utilizes the home as their primary residence and agree to a long-term resale restriction limiting the future resale price of the property.
  • Receive up to $5,000 for closing cost or downpayment assistance in the form of a deferred, forgivable loan. Twenty percent of the grant is forgiven each year over a five-year period, provided the buyer utilizes the home as their primary residence.
  • Enjoy the benefit of the mortgage interest deduction on your taxes
  • For qualified applicants, partner with the Mass Housing Partnership soft second Loan Program (http://www.mhp.net/) to further increase your buying power and get a discounted interest rate on your mortgage

Program Eligibility: 

The Newton Homebuyer Assistance Program serves households with gross incomes up to 80% of the area median income. Click here for the current income guidelines.

Applicants must also be either a first time homebuyer (or a displaced homemaker), or have a connection to Newton such as work in Newton, live in Newton or have a child in a school in Newton (K-12, public or private).  Please call us if you are unsure as to whether you qualify.
Funds are available on a first-come, first-served basis to eligible applicants who have:

  • Utilized all other available resources to maximize their mortgage eligibility and cannot otherwise afford a property in Newton (saving money for a downpayment, shopping different banks for favorable interest rates, building credit score, etc.)
  • Completed a Homebuyer 101 certification course. Click here to see a schedule of courses
  • Completed the application process and can provide a signed Offer to Purchase Real Estate, provided funds remain available.

Successful applicants are required to live in the property as their primary residence and must agree to a Declaration of Affordable Housing Covenants.  The Declaration ensures that the property remains affordable upon resale by limiting the amount of equity and appreciation the owner may earn upon resale.

How to Apply:

The Newton Homebuyer Assistance Program application, instructions, and guidelines are available online (see link below), by email request at housing@newtonma.gov, by phone request on the Affordable Housing Hotline (617) 796-1730, or in person at the:
Newton City Hall
Housing and Community Development Division
Planning and Development Department
1000 Commonwealth Avenue
Newton, MA 02459
All documents required in the application checklist must be submitted for an Application to be considered complete. (Note: Funding is subject to availability)

Newton Homebuyer Assistance Program Application Packet

Includes:

  • Guidelines
  • Application and Application Checklist
  • Frequently Asked Questions
  • Notice of Lead Paint and Housing Quality Standards Inspection
  • Verification Forms

American Dream Downpayment Initiative (ADDI)

The City of Newton administers the WestMetro Home Consortium’s American Dream Downpayment Initiative (ADDI) Program. The purpose of the ADDI program is to provide up to $5,000 in downpayment or closing cost assistance to eligible households in the purchase of existing housing units in the following cities and towns. The terms of assistance are set by each individual town:

     Bedford

     Framingham 

     Needham

     Watertown

     Belmont

     Lexington

     Newton

     Wayland 

     Brookline

     Lincoln

     Sudbury

     

     Concord

     Natick

     Waltham

     

Income Eligibility:

The ADDI Program serves households with gross incomes up to 80% of the area median income. Click here for the current income guidelines.

How to Apply:

The American Dream Downpayment Assistance Program Application, instructions, and guidelines are available online (see link below), by email request at housing@newtonma.gov, by phone request on the Affordable Housing Hotline (617) 796-1730, or in person at the:
Newton Housing Office
Housing and Community Development Planning Department
1000 Commonwealth Avenue
Newton, MA 02459

American Dream Downpayment Initiative Program Guidelines and Application