The Cash-to-Close LIMITED program offers eligible homebuyers of foreclosed properties within designated areas of the City financial assistance of either $15,000 or $25,000 in the form of a ten-year conditional loan. The limited-time offer has been made possible by the City of Boston’s Neighborhood Stabilization Program funds.

What are the benefits?

• Receive $15,000 in financial assistance for purchasers of foreclosed properties located in the targeted Neighborhood Stabilization Program (NSP) area of Boston
• Receive $25,000 in financial assistance for purchasers of foreclosed properties located in the City’s three Foreclosure Intervention Team (FIT) areas of Boston

View map of NSP and FIT eligibility areas

Who is eligible?

• Must agree to live in the new home as their primary residence for 10 years, or until the terms of the ten-year conditional loan are met
• Must not own any other property
• Must be a graduate of Homebuying 101
• Must be able to pay closing costs and contribute at least 1.5% of their own funds toward the purchase price
• Must have a household income that does not exceed 120% of Area Median Income as determined by the U.S. Department of Housing and Urban Development (HUD)

*Please note: the federal government changes these limits yearly, so please check with the Boston Home Center.

• Must use one of the Boston Home Center’s approved mortgage lenders

What properties are eligible?

• Condominiums, single-family, two-family, and three-family foreclosed homes in the City’s NSP area and three FIT areas, including parts of East Boston, Dorchester, Mattapan, Roxbury, and Hyde Park

How do I apply and What happens next?

• Graduate from an approved homebuyer education program
  Receive a Homebuying 101 certificate from Mayor Menino upon completion. Click here for a list of approved homebuyer education providers.

• Meet with a participating mortgage lender to learn what you can afford
  Please bring a recent credit report to this meeting. If you meet their guidelines, the lender will give you a pre-qualification letter. Click here for a list of participating mortgage lenders.

• Apply to the City of Boston for Cash-to-Close LIMITED funding
  Pick up an application at the Boston Home Center or download the application and submit it with all required documentation to the Boston Home Center. After review and if you meet program requirements, you will receive a letter stating that you are eligible for Cash-to-Close LIMITED funds.

• Shop for a home
  Now you can shop for a foreclosed property knowing how much of a loan you may be able to afford and what benefits and responsibilities accompany the Cash-to-Close LIMITED funding.

• Reserve your money from the City
  After you have found a property, you may submit your completed purchase and sale agreement to the Boston Home Center. Staff will assign a ‘fund reservation number’ based on the property’s purchase price, which will be sent to both you and your lender. Your Cash-to-Close LIMITED financial assistance will be forwarded to your mortgage lender.

Have questions?

For more information about the Cash-to-Close LIMITED program, call:

The Boston Home Center
Department of Neighborhood Development
Phone: 617.635.HOME (4663)
Email: HomeCenter.DND@cityofboston.gov