First and Second time Home Buyers

Four Malden banks have committed $8 million to a loan pool for first and second time homebuyer program run by the Malden Redevelopment Authority.
Eastern Bank,Century Bank and bank Malden each pledged $2 million to fund the program for the next two years.
Malden with a population of about 57,000 has a homeownership of 43% compared with the State average of 62% according to census data.
The loan pool will make below market rate loans to low and moderate home buters in Malden.
In Malden the medium price of a single family home was #340,000 for the first 11 months of last year,accoring to the most recent sales data from the Warren Group a Boston Firm that tracts the real estate industry.

Income limits are capped at $99,000 for a household plus $1500 for each dependant.
Buyers must make a 5% down payment
Loans are capped at $417,000 for a single family home, 4533,850 for a two family and $645,300 for a three family according to the redeveloment authority.
Application are available the the authority office at City Hall
The number is 781 324 5720