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Framingham

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Soft Second Program Overview
Town of Framingham participates in the Massachusetts Housing Partnership’s, Soft Second Loan Program. The Soft Second Program helps qualified low and moderate-income individuals and families purchase their first home.

First Time Homebuyer Assistance Application
Contact
Dorothy Brissette
Housing Rehabilitation Program
150 Concord St., Rm. B3
Framingham, MA 01702
Email
Ph: (508) 532-5457

The Town of Framingham offers assistance to eligible households in achieving ownership for the first time through two major programs, using federal grant funds from The Community Development Block Grant (CDBG) Program and Home Investment Partnership Act (HOME) Program:

· Homebuyer Assistance

· Limited Downpayment and Closing Cost Assistance

Homebuyer Assistance offers low or moderate income (as defined by federal standards) households help, while available funds last, with principal buydown assistance grants, lowering the amount of money needing to be borrowed by the purchaser, as well as some downpayment and closing cost assistance. The prospective purchaser household must arrange their own financing for purchase, but financing must meet Town guidelines, which require that it be from a bona fide lender who offers a 30 year fixed rate loan at conforming rates and terms, as assessed and approved by the Town, prior to the purchaser entering into any obligation to purchase. Because buydown assistance is substantial and the Town has an interest in keeping the home affordable to ensuing purchasers, the purchaser receiving such assistance must execute an agreement that will limit the price for which the home purchased can be resold. Future refinancing of the home purchased may only be done with the permission of the Town within set guidelines. Upon taking ownership, the purchaser may also receive assistance, as funds are available, through a deferred payment, zero interest loan, gradually forgivable over time, to help undertake pre-occupancy de-leading if required.

Homebuyer Assistance

Type of Assistance
Maximum Amount
Requirements on Resale or Conveyance
Length of Term of Restriction

Buydown Assistance
Up to $60,000 grant (HOME funds)
Maximum Resale Price Restricted

Resold to Low or Moderate Income Household
In perpetuity

Closing Cost and Partial Downpayment Assistance
Up to $5,000 grant (CDBG funds)
Recapture if conveyed within 5 years of purchase. No recapture after 5 years
5 years

Lead Based Paint Abatement Assistance (Rehabilitation)
$24,000 (CDBG or HOME funds) zero interest deferred payment loan
Full recapture if property conveyed in first 5 years. Sum of assistance forgiven at 10% per year for each year owned and not conveyed from year 6 through 15. No re-capture after year 15
15 years

Limited Downpayment and Closing Cost Assistance: For purchase of homes being made through the Massachusetts Housing Partnership Soft Second Loan Program only, the Town offers low or moderate income (as defined by federal standards) households, at the time of purchase, as funds remain available, help with some closing costs and a dollar for dollar match of monies that the eligible buyer household is putting into downpayment. The maximum combined closing cost and downpayment assistance is a sum of $5,000. The Town has information on the Soft Second loan Program, a publicly subsidized financing program offering low 30 year fixed rate financing, with structured low monthly payments during the early years of ownership. Acceptance to the program is through participating lenders. No other buydown assistance is provided. If the purchaser sells or conveys or refinances the property within five years of purchase, they must repay the Town the amount of that downpayment and closing cost assistance given by the Town. Upon taking ownership, the prospective purchaser may also qualify, depending upon income, to receive assistance, as funds are available, through a deferred payment, zero interest loan, gradually forgivable over time, to help undertake pre-occupancy de-leading if required.

Limited Downpayment and Closing Cost Assistance Tied to Soft Second Loan Program

Type of Assistance
Maximum Amount
Requirements on Resale or Conveyance
Length of Term of Restriction

Closing Cost and Partial Downpayment Assistance
Up to $5,000 grant (CDBG funds)
Recapture if conveyed within 5 years of purchase. No recapture after 5 years
5 years

Lead Based Paint Abatement Assistance (Rehabilitation)
$24,000 (CDBG or HOME funds) zero interest deferred payment loan
Full recapture if property conveyed in first 5 years. Sum of assistance forgiven at 10% per year for each year owned and not conveyed from year 6 through 15. No re-capture after year 15
15 years