The City of Cambridge offers downpayment and closing cost assistance to income-eligible first-time homebuyers purchasing a home in Cambridge. Eligible buyers receive assistance of up to 6% of the purchase price, or $10,000, whichever is greater.
How it works:
This assistance is in the form of a forgivable loan. Twenty percent of the funding is forgiven each year over a five-year period provided the buyer uses the home as their residence. There are no other restrictions limiting the future resale price of the property, unless assistance is used to purchase an affordable homeownership unit.
- Be a First-time Homebuyer;
- Complete a First-Time Homebuyer workshop;
- Meet income eligibility requirements with a household income of no more than 80% of HUD Area Median Income;
- Purchase a single family home, condominium, or two or three family home in the City;
- Be unable to purchase the home without assistance;
- Utilize all other available resources;
- Reside in the purchased property as their only residence;
For More Information
Click here for more information on Downpayment Assistance
If you would like to discuss further, contact Antonia Finley, Homebuyer Coordinator, at 617/349-4643 or firstname.lastname@example.org.