Homeownership Made Easier: City of Cambridge’s Down Payment Aid
For many, the dream of owning a home can feel out of reach due to the high upfront costs associated with purchasing property. The City of Cambridge understands these challenges and has established the Down Payment Assistance Program to help income-eligible first-time homebuyers achieve their homeownership goals within the city.
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Unlocking the Door to Homeownership
The Down Payment Assistance Program offers eligible buyers the opportunity to receive financial support for their down payment and closing costs when purchasing a home in Cambridge. This valuable assistance can cover up to 6% of the purchase price, making it a substantial boost for those striving to become homeowners in this vibrant city.
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Forgivable Loans: A Helping Hand
Qualified applicants receive this assistance in the form of a forgivable loan, designed to ease their financial burden. The loan forgiveness process operates over a five-year period, with 20% of the loan amount forgiven each year. This means that as long as the homebuyer maintains the purchased property as their primary residence, they won’t need to repay a significant portion of the loan.
Eligibility Made Clear
To qualify for the Down Payment Assistance Program, applicants must meet specific criteria. Firstly, they must be first-time homebuyers who complete a first-time homebuyer workshop, ensuring they have the knowledge and skills needed for successful homeownership. Additionally, applicants should demonstrate a genuine need for financial assistance and must exhaust all other available resources before accessing this program.
Choosing Your Home
Homebuyers eligible for this program can select from a range of eligible property types, including single-family homes, condominiums, or two- or three-family homes. The key requirement is that the chosen property must serve as the primary residence of the homebuyer.
Income Limits: Ensuring Fair Access
The program’s income limits are set to ensure that assistance reaches those who need it most while maintaining fairness and equity. These limits vary based on household size and are as follows:
- 1-person household: $70,750
- 2-person household: $80,850
- 3-person household: $90,950
- 4-person household: $101,050
- 5-person household: $109,150
By providing this Down Payment Assistance Program, the City of Cambridge is not only promoting homeownership but also helping individuals and families establish stable and prosperous lives within the community. This initiative aligns with the city’s commitment to creating inclusive and vibrant neighborhoods where everyone has the opportunity to thrive.
In summary, the City of Cambridge’s Down Payment Assistance Program is a valuable resource for first-time homebuyers who aspire to make Cambridge their home. With financial support, education, and a clear path to homeownership, this program is a significant step toward realizing the dream of owning a home in one of Massachusetts’ most dynamic and diverse cities.
