You can find available affordable homes listed on MyMassHome.

The eligibility requirements may be slightly different for each opportunity, so you should check each application for details, but in general, you must:

• Have an income below certain limits
• Have less than a certain amount of assets
• Be a first-time homebuyer (with some exceptions) or be a senior applying for an age-restricted home
• Agree to a deed restriction which contains certain responsibilities you will have as an affordable home owner
• Live in the home as your principal residence

All income and asset information that you provide must be current as of the date of application. Your eligibility will be determined based on qualification at the time of application and again at the time of purchase.

Most affordable homes are sold through an application and lottery process. This application period can be anywhere from 10 days to 2 months. Check the particular listing for details.

To apply for an affordable home, contact the monitoring or lottery agent in charge of coordinating the sale of the property. You will have to complete an application and provide documentation to show that you are eligible, including a pre-approval from a mortgage lender. All affordable home listings and their applications can be found on MyMassHome.

Income limits vary by area and family size.  The application for property you are interested in should include the income limits specific to the city or town where it is located. All sources of income from all household members (everyone who will live in the home) are considered. The income limits refer to gross income, meaning before taxes and deductions.

An individual or family can have no more than a certain amount in liquid assets – meaning checking accounts, saving, accounts, investments, cash gifts, etc. The rules vary by specific program.

For first time homebuyer households that limit can range from $75,000 (including the cash value of any retirement accounts) to around $150,000 (excluding retirement accounts).

For an age-restricted home (55+), a household can have up to $275,000 in combined assets, including both liquid assets and property equity. A retirement asset used for regular income is also excluded from the limit.

Any funds used toward the down payment on the property count toward the asset limit. However, any funds received from a municipal, state, or federal down payment assistance program do not count as an asset.

Some affordable homes require you to complete a first time homebuyer education class prior to closing on the home. It is always recommended to complete one of these courses before applying to an affordable home, however. You can find available certified approved classes here.

A deed restriction, or deed rider, describes your responsibilities as an affordable homeowner. For instance, you must get permission from the monitoring agent of the home to refinance your mortgage or get credit for any capital improvements to your home. If you want to sell your home, you will have to notify the monitoring agent and follow certain procedures in order to sell it to another income eligible buyer at a lower “affordable” price.

A monitoring agent is the organization, state agency, or municipality assigned to ensure the requirements of the deed restrictions are followed by the homeowner, including the sale of the home. A monitoring agent is assigned to each affordable home. CHAPA is one of many monitoring agents and we monitor around 2,000 affordable homes across the state.

For homes that are not age-restricted, you must be a first-time homebuyer. This means you have had no ownership interest in a principal residence during the past 3 years OR you are a displaced homemaker, single parent who has only owned a home with a former spouse while married, or own(ed) a mobile home.

For age-restricted units, you must sell your current home and live in the one you purchase as your principal residence. Any equity or proceeds from that sale count toward the asset limit.

No. However, we recommend you check out the affordable loan products for first time homebuyers through the Massachusetts Housing Partnership and MassHousing. More information can be found at MyMassHome. We also recommend letter your lender know upfront that you are applying for a deed restricted affordable home, so that your lender can ensure your loan will be compatible with the deed restrictions.

All loans must be from and institutional lender. A family member cannot provide a loan the purchase of the home.

Additionally, your total monthly housing cost payment (principal, interest, tax, insurance, HOA/condo fee) cannot exceed 38% of your total monthly income.

Your pre-approval letter must show that you qualify for a large enough loan to purchase the home at the Maximum Resale Price when taking into account your anticipated down payment. You must at least put 3% down.

We can only accept a current valid pre-approval letter that indicates that your lender has independently verified your ability to purchase a home. A “pre-qualification letter” usually does not require verification of income, assets, or credit and relies on only your self-reported information. Please reach out if you have any questions or you are uncertain if your pre-approval is acceptable.

For the application: If you currently own a home, that home must be sold prior to buying this affordable home. You must submit documentation showing the current value of the home (listing agreement, broker’s price opinion, or signed offer) and any payoff amounts (mortgage statements) so we can calculate your current equity, as this counts toward the asset limit. If you do not submit this documentation, we cannot enter you into the lottery.

If you are selected: If you currently have a home to sell and are selected in the lottery, you must at minimum submit a signed offer within ten days of your approval from CHAPA to purchase the affordable home. This means you should contact a real estate agent prior to the lottery in order to be ready to list your home should you be selected.

If your application is complete, eligible, and received prior to the deadline, it will be entered into a selection lottery with other applications.

CHAPA Resale Lotteries are typically held the following business day after an application deadline. Applicants will be ranked according to the random order in which they are drawn. Applications will be weighted according to household size, with those households occupying more bedrooms receiving more entries into the lottery.

If you are selected to purchase the home in the lottery, CHAPA will contact you to submit documentation confirming your eligibility. This includes income and asset information. You will have 24 hours to respond with the requested documents, so be ready. A checklist of required documents is available on the application.

If additional information or documentation is requested from CHAPA after your initial submission, you will have 48 hours to provide the requested information or documents. It is important that you remain in close contact with us once notified of your selection, as a failure to respond could result in a denial of your application.

If all income and asset documents are received and you are eligible, you are provided the first opportunity to move forward with purchase.

If a selected applicant does not submit all the required income and asset verification documents within 24 hours of being notified, or within 48 hours of a request for additional information, CHAPA will move on to the next applicant in line from the lottery. There will be no extensions, so please have all documents ready.

Yes, please contact CHAPA or the monitoring agent for that development for more information.