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.
Are You Ready to Buy?
If you are, please fill out the Ready to Buy List Application.
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. Click here for a list of lenders that are familiar with affordable housing mortgage loans and can assist you with the process.
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
cferreira@cssdioc.org
(Fall River and New Bedford)
(Online Education available)
(HUD approved)
City of New Bedford, Housing & Neighborhood Development
Kevin Sullivan
(508) 979-1500
kevin.sullivan@newbedford-ma.gov
(New Bedford)
(Online Education available)
Community Development Partnership
Pelinda Deegan
(508) 240-7873 x10
pelinda@capecdc.org
(Eastham)
(Online Education available)
Housing Assistance Corporation
Heidi Archibald
(508) 771-5400
HArchibald@haconcapecod.org
(Hyannis)
(Online Education available)
(HUD approved)
Housing Nantucket
Anne Kuszpa
(508) 228-4422
housingnantucket@gmail.com
(Nantucket)
(Online Education available)
NeighborWorks Housing Solutions
Amanda Glennon
781-422-4200 x377
aglennon@nhsmass.org
(Quincy, Brockton, Kingston, & New Bedford)
(Classes available in Spanish and Portuguese)
(Online Education available)
(HUD approved)
Plymouth Redevelopment Authority
508-747-1620 x 10146
redevelopmentdir@plymouth-ma.gov
(Plymouth)
(Online Education available)
(HUD approved)
Stephanie McDowell is a CPA based in Falmouth with over 30 years of accounting and tax experience. She serves individuals and small businesses, with a specialization in Construction clients. She also works extensively with estate and trust taxation.
Thomas Zine
Lori Andrews has held a variety of leadership roles in HR, finance, audit and IT during a 40+ year career in financial services-insurance, public accounting and government. Lori retired from Liberty Mutual in 2021 as Senior Vice President and Manager of Global Total Rewards. In that role, ensuring more than 45,000 employees receive fair and competitive compensation and benefits worldwide. Lori has served on the Partners for Youth with Disabilities Board of Directors since 2020.
Maro Titus has a deep connection to the Falmouth Community that dates back to her childhood, shaping her passion for the area. Leveraging her successful career in healthcare administration, Maro has transitioned her expertise to Kinlin Grover Compass Real Estate. As a dedicated agent, she strives to understand each client’s unique needs, bringing a wealth of marketing knowledge and enthusiasm to the real estate practice. With a background in executive leadership encompassing strategic planning, government affairs, and business development, Maro’s professional journey is marked by a commitment to excellence.
Sudie Gifford comes to our board with an extremely varied background in arts, education, finance, public relations, and charity work.
David Sutkowy has lived in Falmouth since 2020.
Information coming soon.
Joan Bates has lived in Falmouth with her husband, Robert, since 2002. Prior to that, the couple lived in Newton. Joan’s 25-year professional career was in special education and nonprofit management.
Joanne O’Sullivan is a real estate attorney who has been practicing law in Falmouth since 1995. She is a self described “wash-ashore” living on Cape Cod for close to 20 years. Joanne grew up in South Boston, and graduated from the University of Chicago and Boston College Law School. Attorney O’Sullivan has been a sole practitioner for the past six years. She is married and her children are enrolled in the Falmouth Public Schools. Ms. O’Sullivan joined the FHT Board of Directors in 2009 and became Vice President in 2011.
Director, Addie Drolette, is a Falmouth native and makes her home in East Falmouth. Most of Addie’s professional career has been spent serving the mortgage financing needs of the community of Falmouth. She is presently a Senior Residential Loan Officer with Martha’s Vineyard Bank.