Home Ownership Guide

Start Your Journey to Home Ownership!

Affordable homeownership is your path to making owning a home a reality. Affordable homes can be sold as new construction or “resales” by people who own a home and now want to sell it. Affordable housing can be single-family homes, cottages, or condominiums and remain affordable through a deed restriction. Each home is awarded through a lottery selection process.  Lotteries can be announced at any time by the Falmouth Housing Trust and are publicized on our website and social media pages.

Review a Sample Lottery Application

Be prepared for a lottery when one is announced!  Reviewing a sample Lottery Application in advance will help you to understand the information, detail and documents you will need to submit a complete application.   Start the process of gathering up information and supporting documents so that you are organized and ready for the lottery application process for a specific home.

Meet With a Mortgage Lender

Meeting with a mortgage Lender that handles mortgage loans on affordable homes is highly recommended.  Many local banks on Cape Cod handle deed restricted mortgage loans and can be a great source of information and assistance to you.

There are program standards for new mortgage loans that you should familiarize yourself with to better understand the mortgage lending process for an affordable home.   Some standard requirements for new mortgage loans for affordable homes are:

  • Fixed interest rate through the full term of the mortgage
  • The loan must be from a lending institution.  Loans from private parties are not allowed.
  • The interest rate cannot be more than 2 Percentage points above the current Freddie Mac rate
  • You must have 3% of the purchase price as a down payment, at least half of which must be from your own funds.
  • You will only be permitted to pay up to 38% of your gross monthly income for mortgage principal, interest, property taxes, hazard insurance, private mortgage insurance and homeowner association fees.
  • Non-household members are not permitted as co-signors of the mortgage loan.
  • FHA and VA loans will not accept the terms of the deed restrictions for an affordable home.   This is why working with a local lender familiar with affordable home mortgage loans is important!

Ask for a Pre-Approval Letter from your Lender

Lenders will issue a pre-approval letter after the lender has reviewed your credit score, credit report, income and expenses.  The pre-approval must be dated on the lender’s letterhead showing the dollar amount and type of loan and must include an authorized signature.

Take a First-Time Homebuyer Course

A first-time homebuyer course will give you the tools and knowledge to navigate a successful path to homeownership. You will learn about how to make sure you are getting the best mortgage, how to address any credit or financial barriers you might face, and much more. And you will be connected to all the affordable mortgage and homebuyer assistance programs. It’s the best way to get started!

First Time Home Buyer Course Resources for South Shore, Cape Cod, and Islands:

Catholic Social Services
Christian Ferreira
(508) 997-7337 x2106
(Fall River and New Bedford)
(Online Education available)
(HUD approved)

City of New Bedford, Housing & Neighborhood Development
Kevin Sullivan
(508) 979-1500
(New Bedford)
(Online Education available)

Community Development Partnership
Pelinda Deegan
(508) 240-7873 x10
(Online Education available)

Housing Assistance Corporation
Heidi Archibald
(508) 771-5400
(Online Education available)
(HUD approved)

Housing Nantucket
Anne Kuszpa
(508) 228-4422
(Online Education available)

NeighborWorks Housing Solutions
Amanda Glennon
781-422-4200 x377
(Quincy, Brockton, Kingston, & New Bedford)
(Classes available in Spanish and Portuguese)
(Online Education available)
(HUD approved)

Plymouth Redevelopment Authority
508-747-1620 x 10146
(Online Education available)
(HUD approved)