- Department Home Page
- Community Planning
- Economic Development
- Environmental and
Transportation Planning - Housing
- Community Development Block Grant
- Lead-Safe Cambridge
- About the Department
- Popular Services
- Community Calendar
- Contact Us
- Demographics
- Forms
- Housing Services
- Maps
- Parks and Open Space
- Planning Board Agenda
- Publications
- Zoning Ordinance and Map
- Site Map
- About This Web Site
Use the Site Map to navigate
the site
Downpayment Assistance and Financial Assistance
The city offers need-based assistance to potential first-time homebuyers buying property on the open market in the city of Cambridge. This includes downpayment/closing cost assistance as well as financial assistance to “buydown” the purchase price of a home.
Downpayment/Closing Cost Assistance
The city of Cambridge offers downpayment and closing cost assistance to first-time homebuyers purchasing a home in Cambridge. Buyers may be eligible for assistance in an amount up to 6% of the sales price. This assistance is in the form of a grant. Twenty percent of the grant is forgiven each year over a five-year period, provided the buyer utilize the home as their primary residence. There are no other restrictions limiting the future resale price of the property. Participants must be income-eligible first-time homebuyers who would otherwise be unable to purchase the home without city assistance.
Potential applicants should have the following information available in order to discuss pre-qualifying for the program:
- Gross annual family income (wages, child support, etc.);
- Amount of monthly debt payment (car loans, student loans, minimum required credit card payments, etc.);
- Amount of savings available for a downpayment; and
- Estimated purchase prices of Cambridge properties they may be interested in buying (potential applicants should be familiar with market prices of real estate in Cambridge).
Income Eligibility: Up to 80% of the area median income.
For more information go to Income Limits Page.
Financial Assistance Program
The city offers need-based financial assistance to eligible first-time homebuyers to “buydown” the purchase price of a home purchased in the city of Cambridge. Buyers may be eligible for a grant of up to $130,000. Purchasers receiving assistance through this program must live in the property as their primary residence and must agree to long-term restrictions limiting the future resale price of the property. Program participants must be current Cambridge residents who have lived in Cambridge for at least one year. Participants must be a first-time homebuyer, utilize all other available resources including maximizing mortgage eligibility, and be otherwise unable to purchase the home without city assistance.
Income
Eligibility: Up
to 100% of the area median income.
For
more information go to Income Limits Page.
Go to more information about Affordable
Housing Resale Restrictions.
How To Get Started
Potential applicants should have the following information available in order to discuss pre-qualifying for either program:
- Gross annual family income (wages, child support, etc.);
- Amount of monthly debt (car loans, student loans, minimum required credit card payments, etc.);
- Amount of savings available for a downpayment; and
- Estimated purchase price of Cambridge properties they may be interested in buying (potential applicants should be familiar with market prices of real estate in Cambridge).
For More Information
For more information about affordable housing opportunities in Cambridge, please call the Housing Information Line at 617/349-4622 or send an email to Michelle Moran at mmoran@cambridgema.gov. The Community Development Department TTY line is 617/349-4621.
Go
to Affordable Homeownership Programs
Return to Housing
Division
Return to Community
Development Department home
