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Revere, MA buydown aid of up to $200,000 opens Nov. 4

Published · Homebuyer update · By the DPA Finder editorial team

Revere, Massachusetts opens applications for its new Affordable Homeownership Buydown Program on November 4, 2026. First-time buyers can get up to $75,000 to $200,000 toward the price, with a lottery for applications in by November 12.

The City of Revere, Massachusetts will start taking applications for its new Revere Affordable Homeownership Buydown Program at 8:15 AM on Wednesday, November 4, 2026. The program, run by the city's Department of Planning and Community Development and its Affordable Housing Trust Fund, pays part of the purchase price for income-eligible first-time buyers buying a home in Revere. The city's updated October 2026 guidelines list a total budget of $450,000, from federal CDBG money and the trust fund.

Help is set by income, using HUD limits for the Boston area. Households at or below 80% of area median income ($137,100 for a family of four) can get up to $200,000. Households from 81% to 100% of AMI (up to $171,400 for four) can get up to $150,000, and households from 101% to 120% of AMI (up to $205,680 for four) can get up to $75,000. The actual award is the gap between the city-approved purchase price and the affordable price for that home, capped at those amounts.

Applicants must not have owned a home in the past three years and must have lived in Revere for the 2 years before applying, have children in Revere Public Schools, or work 30+ hours per week for a Revere-based employer. They also need an 8-hour HUD-approved homebuyer course, pre-approval for a fixed-rate mortgage (cash purchases and adjustable-rate loans don't qualify), at least 3% of the price as a down payment, and household assets of no more than $75,000, not counting retirement accounts. Single-family homes, condos and two-family homes in Revere qualify. Buyers can't combine this program with the city's separate $10,000 first-time homebuyer down payment assistance.

This is not a grant you keep. According to the guidelines, the help is a 0% loan with no monthly payments, due when you sell, refinance or transfer the home, and the property carries a 20-year deed restriction. In the first 10 years, resale prices are capped; in years 11 to 20 you can sell at market price but split net appreciation 50/50 with the city. Everyone who applies by 5:00 PM on Thursday, November 12 goes into a lottery for priority order, and later applications are handled first-come, first-served if money remains. For other options, see our Massachusetts page, the MassHousing Down Payment Assistance listing, or use the shared appreciation calculator to see what giving up part of your home's gain could cost.

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