HELPING BOSTONIANS BUY THEIR FIRST HOME IN BOSTON

Eligible buyers may be able to receive between $1,000 and up to 3% of their purchase price towards down payment and closing costs.

How to Access Cash-to-Close Funds:

1. Graduate from an approved Homebuyer Education program
Receive a Cash-to-Close Certificate from Mayor Menino upon completion. See a list of approved education providers.

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

3. Apply to the City of Boston for Cash-to-Close Funding
Pick up an application at the Home Center (617) 635-HOME (4663) or download the application and submit it with all of the required documents. If you meet program requirements, you will receive a letter showing that you are eligible for Cash-to-Close funds.

4. Shop for A Home
You can now shop for a home knowing how much loan you may be able to afford and what benefits and responsibilities you will have if you use the Cash-to-Close money.

5. Reserve Money From The City
Once you have found a property, submit a properly executed Purchase & Sales Agreement to the Financial Assistance staff. A fund reservation number will be issued based on the purchase price and sent via email to your lender and mailed to you.

6. Prior to Closing Your Loan
Contact your lender who will conduct an Asset Needs Test and determine how much assistance you actually will receive. Please note: the Cash-to-Close assistance will be forwarded to your lender and credited towards your closing costs or down payment..

ALL ASSISTANCE IS BASED ON BUYER NEED AND FUND AVAILABILITY.

Program Responsibilities

Your income must be less than 120% of the current area median income as determined by the U.S. Department of Housing and Urban Development.  This is a combined household income and is adjusted for household size. 

You must be a current Boston resident or be able to show that you were displaced after January 1999.

The home you buy must be a single, two, or three family or condo located in the City of Boston.

You must complete a post-homebuyer education course, Homeowner 201, within one year of your purchase.

The assistance is in the form of a conditional grant.  If you meet program requirements and reside in your home for ten years, the grant will be forgiven.

Certain property inspections are required.

More detail will be provided at program application. 

Eligibility restrictions and limitations apply to all funding.  Assistance from Cash-to-Close is based upon fund availability.  Availability and Eligibility are determined at time of fund reservation.  Actual funding is based upon need.

List of Participating Lenders

Income Eligibility Requirements

To be eligible to receive financial assistance, a household must a have combined income below 120% of the area median income as defined by HUD.  These limits are updated annually.  Currently those limits are as follows:

Your mortgage lender will determine your need during the mortgage process.  Other restrictions and limitations apply.