Down Payment Assistance
Are you buying a home in North Andover, MA?
Bread & Roses Housing administers the North Andover Down Payment Assistance Program. The North Andover Affordable Housing Trust provides down payment assistance to qualified homebuyers who want to purchase a single-family home or condominium in North Andover for use as their principal residence. Applications must be submitted to Bread & Roses Housing and will be accepted on a first come/first served basis until all allocated funds have been distributed. The amount of allocated funds is determined by the North Andover Affordable Housing Trust.
DPA is considered a “deferred payment loan.” The loan is interest free, and you will not be required to repay the loan or make any payments on the loan unless, during the 10-year term of the mortgage, the property is sold or transferred; is refinanced or encumbered without the Trust’s prior approval; is no longer used as your primary residence; or you otherwise violate any of the terms of the mortgage.