HOME PORT

Newburyport's Down Payment and Closing Cost Assistance Program
The City of Newburyport, though its Affordable Housing Trust, has expanded its Down Payment Assistance (DPA) Program. The new HOME PORT program will be available to all eligible first-time home buyers meeting the income eligibility requirements looking to own a home in Newburyport.  The program is now available towards the purchase of both affordable deed-restricted and non-deed restricted homes. Applicants that qualify shall have household incomes which do not exceed 100% area median income for the purchase of non-deed restricted homes and 80% area median income for the purchase of homes with an affordable deed-restriction. The goal of the program is to increase homeownership among low- and moderate-income households in Newburyport.  Funds may now be used not only for down payment assistance but for eligible closing costs including appraisal and credit report fees, survey, plot plan, and flood certification fees. The maximum assistance per eligible household shall be $20,000. Funds are provided by the City of Newburyport’s Community Preservation Fund.
 
HOME PORT is considered a deferred payment loan program and funding is secured through a second mortgage on the property.  The loan is interest free and participants will not have to pay anything back unless they refinance or sell the property within five years.  If the property is sold prior to the fifth anniversary of the acquisition, the borrower will be required to pay back the full loan amount.  If the participant resides in the home for five years, the deferred loan will be forgiven.
 

You are encouraged to begin your house-hunting process by applying for HOME PORT early, before you have made an offer on a property. To avoid unnecessary delays, submit your application and all required documentation a minimum of five (5) weeks prior to your closing. Once qualified, your conditional letter of approval is valid for 6 months.

Please see the application for the HOME PORT program to access full program guidelines and eligible closing costs.