These limits are adjusted
annually by the US Department of HUD
and are based on 80% of the median
income of Boston Metropolitan Area.
Malden
Redevelopment
Authority, lead
agency for
North Suburban
Consortium
offers Down
Payment
Assistance
to qualified
Buyers,
making home
ownership
a reality.
OPENING DOOR THE TO HOMEOWNERSHIP
Applicants may be
awarded up to $7,500 in
the form of a five-year
forgivable loan that can only be used
for a down payment
and/or closing costs.
Assistance is in the form of silent second mortgage loan program which is forgiven after 5 years
620 Minimum Credit Score
Primary Residence only
Eligible properties include Single Family, Condo & Townhomes
No Minimum Borrower Contribution
Liquid Assets limited to $75,000
Borrowers must qualify for and obtain fixed first mortgage loan from a lender
Homebuyer Pre-Purchase Counseling is required
Available for properties located in: Malden, Arlington, Chelsea, Everett, Medford, Melrose, Revere and Winthrop
For more information visit www.maldenredevelopment.com or email us at [email protected]
* All programs are based on household income eligibility and need. All funds are on a first-come, first-served basis and subject to availability of funds at the time of application.
M A L D E NREDEVELOPMENTAUTHORITY
Income Eligibility* Effective 2017
Household Size 1 2 3 4 5 6 7 8
80 % Area $54,750 $62,550 $70,350 $78,150 $84,450 $90,700 $96,950 $103,200 Median Income
Maximum Purchase Price Limits* Effective 2017
1-Unit Home Cities in the Consortium (Existing/New)
Arlington, Malden, Medford, Melrose, Everett $376,000
Chelsea, Revere, Winthrop $397,000
* These limits are adjusted annually by the US Dept. of
Housing and Urban Development (HUD) and are based on 80% of the
median income of Boston Metropolitan Area.
BONUS
MALDEN
BUYERS!LIMITED TIME OFFER
HOME
IMPROVEMENT
LOANS FOR 0%
INTEREST
UP TO $7,500* IN ASSISTANCE TO FIRST-TIME HOMEBUYERS
EQUAL HOUSINGOPPORTUNITY
Malden Redevelopment Authority is the lead member of the North Suburban Consortium which is committed to Fair Housing & Equal Opportunities in accordance with Federal Laws.
It is illegal to discriminate on the basis of race, color, religion, sex, national origin, disability and familial status.
