Downpayment Assistance

Downpayment Assistance Image

The City of Cambridge offers down payment and closing cost assistance to income-eligible first-time homebuyers purchasing a home in Cambridge. Buyers may be eligible for assistance of up to 6% of the purchase price.

How it works: 

This assistance is in the form of a forgivable loan. Twenty percent of the loan is forgiven each year over a five-year period provided the buyer uses the home as their only residence. 

Participants must:

  • Be a First-time Homebuyer
  • Complete a First-Time Homebuyer workshop
  • Meet income eligibility requirements 
  • 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 the Housing Division at 617/349-4622 or housing@cambridgema.gov.