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Workshop and Financial Assistance for First Time Homebuyers

First Time Home Buyers Workshops

The First Time Home Buyers workshop provides helpful information about the process of purchasing a home, including how to finance a home, understanding your credit history, and learning about financial assistance available. The workshop is an excellent resource and we strongly encourage people interested in purchasing a home to take the workshop. Melrose offers the workshop through the North Suburban Consortium. To find out when the next workshop will be offered, please contact The North Suburban Consortium at 781.324.5720. Accredited First Time Home Buyer’s workshops are also offered throughout the state. For a list of the dates and location of upcoming workshops visit the Citizen’s Housing and Planning Association’s (CHAPA) website:

Financial Assistance

To qualify for the following programs, applicants must have taken a CHAPA certified first time homebuyers workshop (see above for listing).

Down payment and Closing Cost Assistance. The City of Melrose offers down payment and closing cost assistance through the North Suburban Consortium (NSC). To be eligible for this assistance household income must not exceed 80% of the medium in the Boston metropolitan area as defined by HUD and the property to be purchased must not exceed the maximum sale price for the particular community in which the house is located. Additionally, eligible applicants must either use the Soft Second mortgage package or a Mass Housing Finance mortgage package (described below); however, some exceptions do apply.

Assistance amounts:

$7,500 for single family homes and condominiums

$8,500 for two-family homes

$9,000 for three-family homes

Purchase Price Limits for Homes Purchased in Melrose:

$312,895 for condominiums

$399,000 for single family homes

$501,125 for two-family homes

$560,231 for three-family homes

To obtain an application contact the North Suburban Consortium at 781.324.5720. If you are applying for an affordable housing ownership unit in Melrose through a City administered lottery you do not need to fill out an additional application to apply. However, you must indicate your interest in participating in this program to OPCD.

Second Soft Loan Program. The Soft Second Loan Program offers reduced cost mortgage financing. Borrowers must be creditworthy and meet standard underwriting criteria. To qualify household income must not exceed 100% of the median income for the Boston Metropolitan Area as defined by HUD. Through the “Soft Second” program borrowers get two mortgages through a participating lender. The second mortgage is subsidized by the North Suburban Consortium through a Mass Housing Partnership Loan. Borrowers pay less than the standard mortgage and interest payments on the second mortgage and avoid having to pay private mortgage insurance.

For more information about the Soft Second Loan Program visit the Massachusetts Housing Partnership’s website: or call the North Suburban Consortium at 781.324.5720.