Financial Assistance for First-Time Homebuyers
HomeBridge is a program to assist first-time homebuyers to purchase a home in Cambridge. Eligible buyers receive financial assistance for a portion of the price of the home; in exchange, they enter into an affordable housing restriction.
Eligible applicants must earn at least 60% and no more than 100% of Area Median Income (AMI), adjusted for household size. Current income limits are available here.
Households up to 120% AMI may be eligible for HomeBridge when program funds are available. Funds for households earning between 100% and 120% AMI are not currently available and the program for households in this income range is not currently accepting applications. Applicants interested in this program should sign up to be notified when the program is accepting applications for applicants earning between 100% and 120% AMI.
The program provides 50% of the purchase price for a three-bedroom unit; 45% for a two-bedroom unit; and 40% for a one-bedroom unit.
Homes purchased with HomeBridge must meet City standards and be priced within the maximum program limits set by the Housing Division. Buyer’s monthly housing costs must be no more than 33% and no less than 25% of their gross monthly income as determined by CDD. The maximum purchase price will be determined for each applicant based on their affordable monthly payment and down payment.
Applicants who are approved and agree to the program terms and conditions receive a pre-approval letter that they can combine with a mortgage pre-approval when making offers on available units in Cambridge.
Click here for the HomeBridge application
Applicant In order to qualify, applicants must:
- Be a First-Time Homebuyer.
- Complete a CHAPA-certified First-Time Homebuyer class.
- Meet income eligibility requirements with a household income of at least 60% and no more than 100% AMI. Please note funds for households earning between 100% and 120% AMI are subject to availability. (Click here to sign up for notifications when the program is accepting applications for applicants earning between 100% and 120% AMI).
- Be a current Cambridge resident OR have at least one adult household member who works full-time in Cambridge.
- Purchase a single-family home or condominium in Cambridge that has been approved by Housing Division staff; units larger than one bedroom must be deleaded.
- Obtain a conventional, fixed-rate mortgage with a monthly housing payment between 25% and 33% of household gross monthly income, including taxes, insurance, and condo fee.
- Have sufficient assets for down payment and closing costs; and contribute any liquid assets in excess of $40,000 to the purchase; liquid asset limits may be higher for households where all adult members are 62 or older.
- Agree to the City’s Affordable Housing Covenant, which includes resale, limited equity and residency restrictions.
We recommend that potential applicants discuss the program with Housing Division staff prior to submitting an application. If you are interested in learning more about HomeBridge, please contact Antonia Finley, First-Time Homebuyer Coordinator, at 617/349-4643 or email@example.com