222 Washington Street - Unit 1

Winchester First Time Home Buyer Program

222 Washington Street, Unit 1
Moderate Income Unit
Click here for the application


Unit 1 at the 222 Washington Street condominium in Winchester is available for purchase by a qualified first time home buyer for the below market price of $291,170.  The two-bedroom, one-bath, first floor unit consists of approximately 1150 square feet. The unit has a shared basement/storage area and a shared driveway and one allocated parking space.  This condo is centrally located which makes it easy to walk to downtown businesses, grocery store, library and schools. The condo fee is $123.00 per month and includes master insurance.  


Household Size
Anyone can apply, but in accordance with Massachusetts Department of Housing and Community Development (DHCD) Local Initiative Program (LIP) Guidelines, the Winchester FTHB Program will give preference to households/families of two or more over single individuals.  

A “household/family” is defined as two or more persons who will live regularly in the unit as their primary residence and who are related by blood, marriage, law, or who have otherwise evidenced a stable inter-dependent relationship. (See II. Required Documentation for criteria.)  

First Time Home Buyer Definition
The affordable unit is available only to first time home buyers, defined as persons who have not owned a home within the last three years, with the exception of displaced homemakers (as defined in Chapter 23D, Section 26 of General Laws of Massachusetts) and elderly households where at least one household member is 55 or older.

Applicant Mortgage Details

  1. Applicants must be pre-approved for a mortgage and submit a pre-approval letter with application materials.  
  2. Applicants must be able to obtain a mortgage and close on the unit promptly.
  3. The household must have sufficient funds for a down payment and closing costs, as determined by the participating lender, and show evidence of those funds in the financial disclosure of their application.  
  4. Income and Asset Limits (amounts listed apply to total household members, earners and non-earners):             

Income: 1 Person Household:  Maximum $84,600
              2 Person Household:  Maximum $96,650
              3 Person Household:  Maximum $108,750  
              4 Person Household:  Maximum $120,800

Assets are limited to $75,000 

Participation Limitation

Individuals who have a financial interest in the development and their families shall not be eligible to participate in the lottery.

Preference:   First preference will be given to households requiring two bedrooms based on LIP criteria.   

Permanent Deed Restrictions

The unit may be resold only pursuant to certain conditions in the Deed Rider to be executed at the time of the purchase.  The key restrictions are: first, future purchasers must meet first time home buyer and financial eligibility criteria; and second, the amount of gain which may be derived from resale is strictly limited.

Schedule for 2021: 

This unit will come on the market the week of November 1, 2021.  The unit will be offered to the first eligible applicant who meets all the criteria according the State’s DHCD LIP Guidelines.  Once the unit is offered to an applicant, there will be time to schedule a home inspection, if desired, before signing a Purchase and Sale Agreement.   Once the Purchase and Sale Agreement is signed, the purchaser will obtain a mortgage as soon as possible and must close on the unit in a timely manner.


 Submit to: Town Manager’s Office, Town Hall, 2nd Floor, 71 Mount Vernon Street, Winchester, MA  01890, ATTN:  Winchester FTHB Program via Housing Lottery.  

 Applicants must submit the following for their application to be considered complete: 

  1. First Time Home Buyer Application, completed and signed
  2. Last three (5) consecutive pay-stubs for all 18+ adult members contributing to household
  3. Last three years of Federal Income Tax returns including W-2s (2018-20)
  4. If Self-Employed or Earning Commissions, OT, Bonuses:   Last two (2) years (2019-20) Federal Income Tax Returns with all attachments, schedules, & W-2 forms
  5. Mortgage Pre-Approval Letter indicating the type of loan and amount   
  6. Signed statement of “Stable Inter-Dependent Relationship” (SI-DR) if applicable.   Partners must satisfy the following criteria: Are not related by blood, Have been residing together in a common household for at least 6 consecutive months, Are sole partners of one another, Are financially interdependent

Winchester FTHB Participating Lenders—Contacts for Mortgage Pre-Approval   

  • Winchester Savings—781-729-2130 
  • Winchester Cooperative— 781-729-3620
  • Northmark Bank— 978-686-9100  

QUESTIONS?   Please contact Jennifer Cafarella at 781-759-9747


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