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Website by Jessica Bell and Jonathan Bell
OWNERSHIP PROGRAMS
This site offers information and links to affordable homeownership opportunities on Martha's Vineyard:
Island Housing Trust
Island Affordable Homebuyer Clearinghouse
Recycled Houses
Homebuyer Financing Programs
Downpayment Assistance
Housing Rehabilitation Assistance
Homeowner Resources
Mortgage Calculator
Island Affordable Homebuyer Clearinghouse
The Regional Housing Authority has launched a new service for Island families and individuals who want to purchase an affordable home. Through the Island Affordable Homebuyer Clearinghouse, the Regional Housing Authority will provide:
• interested income-eligible Island families and individuals with information on affordable housing opportunities as they become available (i.e. town resident homesite programs, Habitat for Humanity, Island Affordable Housing Fund, Bridge Housing, 40B developments, etc.);
• assistance to families and individuals in completing housing application forms; and,
• additional information on state and federal low-interest loan programs (see below).
If you would like to be on our mailing list for this service please download and complete this form Affordable Homebuyer Clearinghouse or contact the
Dukes County Regional Housing Authority at 508-693-4419.
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Homebuyer Financing Programs
The Regional Housing Authority offers basic homeownership education to first-time buyers. For more information, please contact the Dukes County Regional Housing Authority at 508-693-4419.
Several local and state programs listed below are available to help finance homeowership:
• Affordable Housing Loan Pool -The Affordable Housing Loan Pool provides year-round residents of Martha's Vineyard who are low to middle income first-time homebuyers with grants for closing costs and second mortgages with minimum downpayment. The Loan Pool is available directly from each of the Martha's Vineyard banks. Grants for closing costs have been made available by the Island Affordable Housing Fund.
• MHP - Soft Second Loan Program - The Soft Second Loan Program gives low and moderate first-time homebuyers increased purchasing power through two mortgages - conventional first mortgage and a subsidized second mortgage. Soft Second Loans are available from approved lenders including Compass Bank in Vineyard Haven at (508) 696-4462 .
• NACA (Neighborhood Assistance Corporation of America) - NACA is a nonprofit corporation whose goal is to stabilize neighborhoods and maximize homeownership opportunities for working people. NACA offers below market interest rate financing with favorable terms for income qualified households. NACA offices are located in Boston and can be reached at (888) 302-NACA.
• USDA Rural Development Direct Loan Program - Rural Housing Direct Loans are loans that are directly funded by the Government. These loans are available for low and moderate income households to obtain homeownership. Applicants may obtain 100% financing to purchase an existing dwelling, purchase a site and construct a dwelling, or purchase newly constructed dwellings located in rural areas. The purpose of this loan is to provide financing at reasonable rates and terms with no down-payment. Mortgage payments are based on the household's adjusted income. Rural Development offices are located in West Wareham and can be reached at (508) 295-5151.
• MassAdvantage - MassHousing's MassAdvantage Program provides below market financing for purchase or construction of housing for low to middle income households and individuals. MassHousing offices are located in Boston and can be reached at (888) 843-6432.
• Purchase and Rehabilitation Program - MassHousing's Purchase and Rehab Program cover the purchase price of the home plus necessary rehabilitation costs for first-time homebuyers looking to purchase a home in need of major repair. Purchase and rehabilitation loans are made through approved lenders. MassHousing offices are located in Boston and can be reached at (888) 843-6432.
• Municipal Mortgage Program - MassHousing's Municipal Mortgage Program is specifically designed to help our public servants (police officers, fire fighters, teachers, nurses and other dedicated public servants) buy a home in the city or town were they work, with no downpayment. MassHousing offices are located in Boston and can be reached at (888) 843-6432.
Taken from the Real Estate Section of the Boston Sunday Globe, August 12, 2001. The full text of the article can be found here.
Down payment assistance is offered by a number of organizations that work with traditional mortgage lenders and real estate agents. Any lender or agent can participate in these programs.
Most of the programs do not require applicants to be first-time home buyers, and the recipients are not required to pay back the gift. Buyers need only qualify for a mortgage (with down payment made by the organization) and must use the home as their primary residence. For more specific information and applications, buyers should contact the following organizations.
www.getdownpayment.com
(877) 634-3642
The Nehemiah Program offers of gift of up to 6% of the purchase price toward down payment and closing costs on a new home. The program does not have income, asset, or geographical restrictions.
www.hartprogram.com
(909) 945-1574
Housing Action Resource Trust offers up to $15,000 in assistance for down payment or closing costs.
www.ameridream.org
(301) 977-9133
The AmeriDream Charity Inc. provides up to 5% of the purchase price for down payment assistance.
www.anewhorizon.org
(800) 556-1548
New Horizon provides a gift of 3% of the purchase price to home buyers who qualify under FHA guidelines or any eligible loan program that permits a charitable organization to provide down-payment and closing-costs gift funds.
www.PartnersInCharity.org
(800) 705-8350
Partners in Charity offers up to 10% in down-payment assistance.
www.housingassistance.com
(702) 385-3973
Housing Assistance Corp. offers down payment help.
www.downpaymentgrant.com
Down Payment Grant Inc. assists home buyers who need an additional source of funds for their down payments. It provides grants of up to 2% of the property's purchase price or $4,520.
www.genesisprogram.net
(512) 231-0270
The Genesis Program provides up to $22,500 in assistance on down payment, closing costs, and other funds needed to purchase a home.
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Any Island resident interested in moving a recycled house for their own personal use should contact the Dukes County Regional Housing Authority at (508) 693-4419 for more information and current listings.
Several local and state programs listed below provide assistance to homeowners with rehabilitation costs:
• Oak Bluffs Housing Rehabilitation Program - The Resources Inc. administers a housing rehabilitation program on Martha's Vineyard for low and moderate income homeowners and rental property owners. TRI offices are located at the Vineyard Housing Office in Vineyard Haven and can be reached at (508) 696-3285.
• MassHousing - Septic Repair Loans - MassHousing offers an affordable and flexible loan to help you meet the costs of repairing or replacing your septic system. Loans are designed to meet just about every household budget; the lower your income, the lower the rate you pay. Some borrowers may be eligible for 0% interest. MassHousing offices are located in Boston and can be reached at (888) 843-6432.
• MassHousing - Lead Paint Removal Loans - Lead paint poses a serious health risk, especially if you have young children in the house. But removing lead paint from your home can be an expensive undertaking. MassHousing's Get the Lead Out loan program offers an affordable way to remove a dangerous substance from your home, even if you have a modest income. MassHousing offices are located in Boston and can be reached at (888) 843-6432.
• MassHousing - Home Improvement Loan Program - MassHousing offers home owners a very competitive loan for general (non-luxury) home improvements. The minimum loan amount is $10,000, and the maximum loan amount is $50,000. Loan terms can be for 5, 10, 15 or 20 years. MassHousing offices are located in Boston and can be reached at (888) 843-6432.
• USDA Rural Development - Repair and Rehabilitation Loan Program - Rural Housing Repair and Rehabilitation Loans are loans funded directly by the Government. These loans are available to low and moderate rural residents who own and occupy a dwelling in need of repairs. Funds are available for repairs to improve or modernize a home, or to remove health and safety hazards. This loan is a 1% loan that may be repaid over a 20 year period. Rural Development offices are located in West Wareham and can be reached at (508) 295-5151.
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• No-Cost Mortgage Payment Protection - MassHousing, a quasi-public state agency that makes and insures affordable home mortgage loans is now providing no-cost, job-loss protection coverage across its various programs. The new benefit, called MI Plus™, makes the principal and interest payments on a homeowner’s mortgage for up to six months in the case of unemployment. MassHousing offices are located in Boston and can be reached at (888) 843-6432.
• Childhood Lead Poisoning Prevention Program
• Landlord Rights and Responsibilities