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Under this program, the town will provide 50 percent of the required down payment up to a maximum of $30,000 toward the purchase of a home through a no-interest loan, payable when the owner refinances, transfers the property or passes away.
The town will also help pay reasonable closing costs up to a maximum of $2,500. These funds may be used toward attorney fees, the cost of appraisals and/or prepaid interest and other financing charges, and are provided as a grant, which doesn't have to be repaid.
Applicants must also be first-time homebuyers, which, for purposes of this program, is defined as someone who has not had an ownership interest in a residential property within the past three years. All applicants are required to attend and furnish a certificate of completion from a HUD-certified first-time homebuyer counseling program.
For additional information, contact the Office of Community and Economic Development at 611 Old Post Road or call 256-3120.
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