Eligible homebuyers must satisfy the applicable affordability requirements and qualify as
First-time homebuyer requirements will be as follows:
1. First-time homebuyer means an individual or household, of which no household member has
had an ownership interest in a principal residence at any time during the three (3)-year period
prior to the date of qualification as an Eligible Purchaser, except that (i) any individual who is a
displaced homemaker (as may be defined by DHCD) and (ii) and any individual age 55 or over
(applying for age 55 or over housing) shall not be excluded from consideration as a First-Time
Homebuyer under this definition on the basis that the individual owned a home or had an
ownership interest in a principal residence at any time during the three (3)-year period.
(NOTE: As the Program prohibits age restrictions, clause (ii) will not be applicable.)
2. Homebuyers must (1) qualify for a conforming loan at industry-standard interest rates, (2)
provide a minimum 3% down payment or qualify for an approved Down Payment Assistance
program, (3) pay closing costs, (4) complete homeownership counseling by the time of
purchase, and (5) have other assets, excluding qualified retirement plans, of less than $100,000.
NOTE: Projects in the City of Boston are subject to first-time homebuyer requirements as
established by DND.